Market News

Array Technologies Prices Upsized Senior Unsecured Notes

Array Technologies, Inc. (ARRY) revealed to have priced an upsized offering of $375 million 1% convertible senior unsecured notes due 2028 in a private offering to eligible purchasers. The offering is expected to close on December 3, 2021.

The initial conversion rate has been fixed at 41.9054 shares of Array’s common stock per $1,000 principal amount of notes, which represents a premium of 32.5% over Array’s common stock price on November 30, 2021. The notes will mature on December 1, 2028. (See Array stock chart on TipRanks)

Backed by the additional proceeds, Array plans to issue lesser Series A Preferred Shares in order to finance cash consideration for the STI Acquisition. Also, the initial purchasers have an option to purchase, for settlement within a period of 13 days, the date notes are first issued, up to an additional $50 million aggregate principal amount of notes.

The net proceeds from the offering is expected to be about $356.9 million. Array plans to use a portion of proceeds, cash on hand, borrowings under its revolving credit facility and issued preferred stocks to pay cash consideration for its previously announced STI Acquisition.

See Top Smart Score Stocks on TipRanks >>

Price Target

On November 15, Truist Securities analyst Tristan Richardson maintained a Hold rating on the stock rating and raised the price target to $27 (implying 53% upside potential) from $23.

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus based on 4 Buys, 3 Holds and 1 Sell. The average Array price target of $26 implies 47.3% upside potential.

Blogger Opinion

TipRanks data shows that financial blogger opinions are 100% Bullish on ARRY, compared to a sector average of 69%.

Related News:
Moderna to Supply Additional COVID-19 Vaccines to the UK
Synopsys Posts Upbeat Q4 Results, Offers Guidance
FDA Committee Votes in Favor of Merck’s COVID-19 Pill

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More