Benzinga | Mar 19, 2021 06:34AM EDT

Oaktree Capital Offloads $869.5M Stake In Array Technologies

Solar energy tracker solution provider Array Technologies Inc (NASDAQ: ARRY) has priced 31 million shares at $28 per share in a secondary offering. Its shareholder, Oaktree Capital, is selling all the shares and offloading a stake worth $869.5 million.

* The offer price signifies a 5.5% discount to the Thursday closing price of $29.64.

* Additionally, Oaktree granted the underwriters a 30-day option to purchase up to an additional 4.4 million shares.

* The company would not receive any proceeds from the offering, which is expected to close on March 23, 2021.

* Goldman Sachs and J.P. Morgan are the joint book-running managers and representatives of the underwriters for the offering.

* Array's revenue declined by 20% to $180.6 million in the fourth quarter of FY20, signifying declining tracker system shipment due to order preponement for the 30% ITC rate. Operating loss amounted to $2.2 million versus an operating income of $40.5 million recorded a year ago. Net income declined 69% to $10.6 million. EPS fell 72% to $0.08.

* ARRY shares have lost 23.3% in the last three months.

* Price action: ARRY share prices traded lower by 3% at $28.75 in the premarket session on the last check Friday.