PureCycle Announces Pricing of Concurrent Public Offerings of 4.75% Convertible Senior Notes Due 2032 and Common Stock with Aggregate Gross Proceeds of $395.0 Million
PureCycle priced a concurrent offering of $250 million in 4.75% convertible notes due 2032 and 17.66 million shares of common stock at $8.21 per share, generating aggregate gross proceeds of $395 million. The company intends to use the net proceeds to repurchase approximately $216 million in principal of its existing 7.25% green convertible notes due 2030, effectively refinancing high-cost debt with lower-coupon debt and equity dilution. Morgan Stanley acted as sole bookrunner and Cantor as co-manager.
Key figures
- Deal Value Usd
- 395000000
- Offering Price
- 8.21
- Shares Offered
- 17661388
- Notes maturity
- 2032
- Conversion price
- 11.08
- Notes coupon rate
- 4.75%
- Conversion premium
- 35.0%
- Net proceeds notes
- 242000000
- Net proceeds equity
- 137100000
- Notes principal amount
- 250000000
- Green notes repurchase cost
- 246300000
- Green notes principal repurchased
- 216000000
AI analysis
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