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TPI Composites ( NASDAQ: TPIC ) on Monday said it commenced a private offering of $100.0 million of convertible senior notes due 2028.
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TPI expects to grant the initial purchasers of the notes an option to purchase up to an additional $15.0 million of the notes.
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The notes will be senior, unsecured obligations of TPI, will accrue interest payable semi-annually in arrears and will mature on March 15, 2028.
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Before September 15, 2027, noteholders will have the right to convert their notes in certain circumstances and during specified periods.
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From and after September 15, 2027, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date.
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TPI will settle conversions by paying or delivering cash, shares of its common stock or a combination of cash and shares.
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Contemporaneously with the pricing of the notes, TPI expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the notes or their respective affiliates and/or other financial institutions.
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Shares -15.1% at $12.24 after hours.
For further details see:
TPI Composites stock slides 15% after launching $100M senior notes offering