Enphase Energy to price $120 million of five-year convertible notes

By Abigail W. Adams

Portland, Me., May 29 – Enphase Energy Inc. plans to price $120 million of five-year convertible notes, according to a company news release.

Credit Suisse Securities (USA) LLC is the bookrunner for the Rule 144A offering, according to a market source.

The deal carries a greenshoe of $12 million.

In connection with the offering, the company will enter into convertible note hedge and warrant transactions.

Proceeds will be used to cover the cost of the call spread.

Proceeds will also be used to repurchase a portion of the company’s 4% convertible notes due 2023 in privately negotiated transactions with one or more holders.

Holders will receive shares of common stock in addition to a cash amount in the exchange, according to the news release.

Enphase is a Freemont, Calif.-based global energy technology company.

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