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Enphase Raises $1.13B Via Upsized Green Convertible Senior Notes

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  • Enphase Energy Inc (NASDAQ: ENPHpriced 5 million green 0% Convertible Senior Notes due 2026 and $575 million green 0% Convertible Senior Notes due 2028 in a private institutional placement to raise $1.132 billion.

  • The offering was upsized from the previously announced $500 million 2026 notes and $500 million 2028 notes.

  • The initial purchasers have a 13-day option to procure additional notes up to $57.5 million 2026 notes and $57.5 million 2028 notes.

  • The 2026 and 2028 notes' initial conversion price represents a premium of 70% and 57.5%, respectively, on the Wednesday closing price of $180.87 per share.

  • Enphase also entered into convertible note hedge and warrant transactions relating to each series of notes.

  • The company intends to utilize $63 million and $243.3 million from the offering proceeds towards convertible note hedge and repurchase transactions, respectively.

  • The remaining offering proceeds will be utilized for other working capital, general corporate purposes, and green expenditures.

  • ENPH stock has gained over 255% in the last year.

  • Price action: ENPH shares are down 2.92% at $175.59 on the last check Thursday.

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