Solaris Energy Infrastructure, Inc. (SEI), a provider of mobile and scalable equipment-based solutions, on Tuesday announced it priced its upsized public offering of $650 million of 0.25% convertible senior notes due 2031.
The issuance and sale are expected to close on October 8.
The initial conversion rate is 17.4825 shares per $1,000, equal to a conversion price of $57.20 per share, a 30% premium over the $44.00 price in the concurrent delta equity offering. The notes will be redeemable from October 2028.
The subsidiary plans to use proceeds to repay $354 million in debt, purchase about 80 MW of new turbine capacity, and fund growth investments in additional power generation equipment.
The company granted underwriters an option to buy an additional $97.5 million of notes to cover over-allotments. Net proceeds are estimated at $634.4 million, or $729.7 million if the option is fully exercised.
About $57 million of proceeds will fund capped call transactions, with the remainder used to buy a subordinated convertible note from the company.
The company said that the notes will bear interest at 0.25% per annum, payable semi-annually, and mature on October 1, 2031.
Capped call transactions set a $88.00 cap price to reduce potential dilution upon conversion.
In the pre-market trading, Solaris Energy Infrastructure is 5.50% lesser at $44.18 on the New York Stock Exchange.
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