BUZZ-Array Technologies dims after announcing $250 mln convertible debt deal

Reuters

Jun 24

** Shares of solar tracker maker Array Technologies ARRY.O down 13.4% premarket to $6.40 after potential capital raise news

** Albuquerque, New Mexico-based ARRY offering privately $250 mln convertible notes due 2031

** It plans to use net offering proceeds to repay $150 mln of debt under term loan, and fund cost of capped calls, derivative transactions employed to offset dilution

** Any remainder to be used for general purposes, including any repurchases of its outstanding 1% convertible notes due 2028, it says

** Co has market cap of approx $1.1 bln

** ARRY shares on Mon edged down a penny to close at $7.39, up 22% YTD

** Of 24 analysts covering ARRY, recommendation breakdown is 12 "strong buy" or "buy", 12 "hold" and median PT is $8, according to latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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