03:58 AM EDT, 06/25/2025 (MT Newswires) -- Array Technologies ( ARRY ) said late Tuesday it priced its upsized private offering of $300 million of 2.875% convertible senior notes due July 1, 2031, to qualified institutional buyers.

The company granted the initial purchasers a 13-day option to buy up to an additional $45 million in aggregate principal amount of notes.

The offering is expected to close on Friday.

The company expects to raise about $290.4 million from the offering, or roughly $334.1 million if the initial purchasers take up the option to buy the additional notes.

Array aims to use $150 million of the gross proceeds to repay outstanding indebtedness under its term loan facility, about $30.5 million to fund the cost of entering into the capped call transactions, and a portion to fund repurchases of around $100 million of its 1% convertible senior notes due 2028.