04:45 PM EDT, 06/24/2024 (MT Newswires) -- SolarEdge Technologies ( SEDG ) said Monday it plans to start a private offering of $300 million in convertible senior notes due 2029.

Initial purchasers will have the option to buy up to an additional $45 million of notes, the company said.

The notes will mature on July 1, 2029. Net proceeds from the offering will be used to cover costs of capped call transactions, to redeem a portion of outstanding convertible notes due 2025 and for general corporate purposes, SolarEdge ( SEDG ) said.

Shares of the company fell 16% in recent after-hours trading.

Price: 27.94, Change: -5.31, Percent Change: -15.97