Enphase Raises $1.13B Via Upsized Green Convertible Senior Notes

Enphase Energy Inc (NASDAQ: ENPH) priced $575 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.