Summary by Moomoo AI
SolarEdge Technologies announced the pricing of $300 million 2.25% Convertible Senior Notes due 2029 in a private placement to qualified institutional buyers. The company granted initial purchasers a 13-day option to purchase an additional $45 million in notes. The notes will bear interest at 2.25% annually, payable semiannually, with maturity set for July 1, 2029.The notes will be convertible at an initial rate of 29.1375 shares per $1,000 principal amount, equivalent to approximately $34.32 per share, representing a 30% premium over the stock's last reported price. SolarEdge expects net proceeds of approximately $293.2 million, or $337.2 million if the additional purchase option is exercised fully.The company plans to use $25.2 million for capped call transactions to reduce potential dilution, with the remaining proceeds allocated to repurchase a portion of its outstanding 2025 Notes and general corporate purposes. The settlement is expected on June 28, 2024, subject to customary closing conditions.
