Enphase Energy to raise USD 57.6m net from notes offering

US microinverters maker Enphase Energy Inc (NASDAQ:ENPH) expects to raise about USD 57.6 million (EUR 50.6m) in net proceeds from a newly-priced offering of convertible senior notes due 2023.

Enphase Energy plans to use the proceeds for general corporate purposes, including the repayment of indebtedness, working capital and potential acquisitions and strategic transactions, it said.

The company priced USD 60 million aggregate principal amount of convertible senior notes due 2023 on Wednesday that will be offered in a private placement to qualified institutional buyers.

Meanwhile, Thurman John Rodgers, who is a director and stockholder, has agreed to buy USD 5 million aggregate principal amount of convertible senior notes due 2023 in a concurrent private placement. This will result in net proceeds of about USD 4.9 million.

Both transactions should be settled on or about August 17. The notes, which will bear interest at a rate of 4.00% per year, will pay interest semiannually in arrears on February 1 and August 1 of each year, starting on February 1, 2019.

(USD 1.0 = EUR 0.878)

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