Benzinga | Nov 30, 2021 04:43PM EST

Array Technologies To Offer $325M Of Convertible Senior Notes

* Array Technologies Inc (NASDAQ:ARRY) intends to offer $325 million of senior convertible notes due 2028 in a private placement.

* Array also intends to grant the initial purchasers an option to purchase up to an additional $48.75 million of Notes.

* The company intends to use the net proceeds, along with cash on hand and/or borrowings and the issuance of up to $100.0 million of Series A Preferred Stock, to pay the cash consideration for acquisition of Soluciones T?cnicas Integrales Norland, S.L. and the cost of the capped call transactions.

* Price Action: ARRY shares are trading lower by 10.6% at $20.44 during the pre-market session on Tuesday.