Corporate ActionJun 15, 2026, 05:26 PM
PureCycle Closes $287.5M Convertible Notes & Stock Offerings
AI Summary
PureCycle Technologies, Inc. announced the closing of concurrent public offerings, raising approximately $432.5 million in net proceeds. This included $287.5 million in 4.75% convertible senior notes due 2032 and 19,854,000 shares of common stock. The company plans to use approximately $246.3 million of the net proceeds to repurchase $216.0 million of its existing 7.25% Green Convertible Senior Notes due 2030, with the remainder for working capital and general corporate purposes.
Key Highlights
- PureCycle closed public offerings of $287.5 million aggregate principal amount of 4.75% convertible senior notes due 2032.
- The company also closed an offering of 19,854,000 shares of common stock.
- Total net proceeds from both offerings were approximately $432.5 million.
- Approximately $246.3 million of net proceeds will repurchase $216.0 million of 7.25% Green Convertible Senior Notes due 2030.
- The new convertible notes have an initial conversion rate of 90.2242 shares per $1,000 principal amount, or $11.08 per share.
- The initial conversion price represents a premium of approximately 35% above the stock offering price.
- The notes bear interest at 4.75% per annum, payable semi-annually, and mature on July 1, 2032.
Price Impact
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