By Abigail W. Adams
Portland, Me., Sept. 23 – SolarEdge Technologies Inc. priced an upsized $550 million of five-year convertible notes after the market close on Tuesday at par with a coupon of 0% and an initial conversion premium of 50%, according to a company news release.
Pricing came richer than initial 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 were joint bookrunners for the Rule 144A offering, which carries an upsized greenshoe of $82.5 million.
The initial size of the deal was $500 million with a greenshoe of $75 million.
The notes are non-callable. They are putable upon a fundamental change.
The notes are contingently convertible until June 15, 2025.
There is dividend 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.
| Issuer: | SolarEdge Technologies Inc.
|
| Securities: | Convertible senior notes
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| Amount: | $550 million
|
| Greenshoe: | $82.5 million
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| Maturity: | Sept. 15, 2025
|
| Bookrunners: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion premium: | 50%
|
| Conversion price: | $277.80
|
| Conversion rate: | 3.5997
|
| Call options: | Non-callable
|
| Put options: | Upon a fundamental change
|
| Pricing date: | Sept. 22
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| Settlement date: | Sept. 25
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| Distribution: | Rule 144A
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| Talk: | Coupon of 0% to 0.5% and initial conversion premium of 42.5% to 47.5%
|
| Stock symbol: | Nasdaq: SEDG
|
| Stock price: | $185.20 at market close Sept. 23
|
| Market capitalization: | $9.28 billion
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