Array closes upsized $345M 2.875% convertible note offering; repays term loan and repurchases 2028 notes

Array Technologies, Inc.

$345M aggregate principal of 2.875% convertible senior notes due 2031, upsized from $300M; net proceeds ~$334.1M.
Proceeds: repay ~$232.8M term loan; repurchase ~$100M principal of 1.00% 2028 notes for ~$78.3M; fund ~$35.1M capped calls.
Capped calls with strike $8.12/share, cap $12.74/share cover ~42.5M shares, reducing potential dilution.
Expected annual net interest expense savings of ~$9M from refinancing.
Conversion price ~$8.12, representing 27.5% premium to June 24 closing price.

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