07:29 AM EDT, 06/24/2025 (MT Newswires) -- Array Technologies ( ARRY ) said Tuesday it is planning to offer $250 million in convertible senior notes due 2031 through a private placement to qualified institutional buyers.

The offering is subject to market conditions and the company said its interest rate, initial conversion rate and other terms will be set at the time of pricing.

Array Technologies ( ARRY ) said it plans to grant initial purchasers an option to acquire up to $37.5 million additional aggregate principal amount of the notes.

Proceeds from the offering will be used to repay an outstanding $150 million debt under its term loan facility, to fund certain capped call transactions and for general corporate purposes.