Corporate ActionJun 11, 2026, 01:31 AM
PureCycle Prices $250M Convertible Notes & 17.66M Shares for $395M Gross
AI Summary
PureCycle Technologies announced the pricing of concurrent public offerings, raising $395.0 million in aggregate gross proceeds. This includes $250.0 million in 4.75% convertible senior notes due 2032 and 17,661,388 shares of common stock at $8.21 per share. The net proceeds, estimated at $379.1 million (excluding over-allotment options), will primarily be used to repurchase approximately $216.0 million of its 7.25% green convertible notes due 2030 for $246.3 million, with the remainder for working capital.
Key Highlights
- Priced $250.0 million of 4.75% convertible senior notes due 2032.
- Priced 17,661,388 shares of common stock at $8.21 per share.
- Total aggregate gross proceeds from offerings are $395.0 million.
- Net proceeds estimated at $379.1 million (excluding over-allotment options).
- Will repurchase $216.0 million of 7.25% green convertible notes for $246.3 million.
- Initial conversion price for notes is $11.08 per share, a 35.0% premium.
- Underwriters have options for additional $37.5M notes and 2.28M shares.
Price Impact
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