T1 Energy Inc. has completed a private placement of $120 million in convertible senior notes to qualified institutional buyers. The company intends to use the net proceeds as bridge financing for the construction and development of Phase 1 of its G2_Austin solar cell manufacturing facility, with the remainder allocated to general corporate purposes.
Key Details
- Offering: $120.0 million aggregate principal amount of 4.75% Convertible Senior Notes due 2031.
- Use of Proceeds: To fund construction and equipment purchases for the G2_Austin solar cell fab (Phase 1) and for general corporate purposes, acting as a bridge to a larger financing solution.
- Conversion Terms: The notes have an initial conversion price of approximately $4.46 per share, equivalent to a conversion rate of 224.0143 shares of common stock per $1,000 principal amount.
- Maturity & Interest: The notes will mature on August 1, 2031, and bear interest at 4.75% per annum, payable semi-annually beginning February 1, 2027.