enCore Energy Corp. (EU) Wednesday said it has priced its private offering of $100 million of 5.50% senior notes due 2030, upsized from the previously announced $75 million of notes.
enCore has granted the initial purchasers a 13-day option to purchase up to an additional $15 million of notes.
encore intends to use $10 million from the net proceeds of about $95.3 million to pay the cost of entering into capped call transactions in connection with the offering; $10.6 million to repay debts; and the remainder of the proceeds for general corporate purposes.
The note holders can convert their notes at any time from May 15, 2030, at an initial conversion rate of 303.9976 shares per $1,000 of notes. The initial conversion price of $3.29 per share represents a 27.5% premium over the closing share price of $2.58 on August 19.
The cap price of the capped call transactions will initially be $4.52 per share, a 75% premium over the closing price of enCore Energy on August 19.
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