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SolarEdge talks $500 million five-year convertible notes to yield 0%-0.5%, up 42.5%-47.5%
By Abigail W. Adams
Portland, Me., Sept. 22 – SolarEdge Technologies Inc. plans to price $500 million of five-year convertible notes after the market close on Tuesday with price talk for a coupon of 0% to 0.5% and an initial conversion premium of 42.5% to 47.5%, according to a market source.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $75 million.
The notes are non-callable.
They are contingently convertible until June 15, 2025.
There is dividend and takeover protection.
The notes will be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used for general corporate purposes.
SolarEdge is a Fremont, Calif.-based manufacturer of power optimizers, solar inverters and monitoring systems for solar arrays.
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