Array Technologies prices upsized $300M convertible notes at 2.875% due 2031

Array Technologies, Inc.

$300M aggregate principal (plus $45M greenshoe); 2.875% coupon, semiannual, due July 1, 2031.
Net proceeds ~$290.4M ($334.1M if greenshoe exercised). Use: $150M to repay term loan, ~$30.5M for capped calls.
~$100M of net proceeds to repurchase existing 1% convertible notes for ~$78.3M cash plus accrued interest.
Initial conversion rate 123.1262 shares per $1,000 (conversion price ~$8.12, 27.5% premium over June 24 close).
Offering expected to close June 27, 2025; capped calls entered to reduce dilution with cap price $12.74.

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