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Array Technologies Closes Upsized Offering of Its 2.875% Convertible Senior Notes

$345 million raised; approximately $334 million of net proceeds

$233 million of term loan outstanding balance to be repaid with proceeds

$78 million of proceeds used to repurchase $100 million principal of 1.00% Convertible Senior Notes due 2028

$35 million of proceeds used to acquire Capped Calls elevating conversion price to $12.74 per share

ALBUQUERQUE, N.M., June 27, 2025 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ:ARRY) (the "Company" or "ARRAY") today announced the closing of its previously announced private offering of $345 million aggregate principal amount of its 2.875% convertible senior notes due July 2031 (the "Notes"). The Notes were sold in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The offering represents the aggregate of both the previously announced, upsized offering of $300 million, as well as the full exercise of the $45 million option to purchase additional Notes granted by ARRAY to the initial purchasers of the Notes.

Kevin G. Hostetler, Chief Executive Officer of ARRAY, said, "This successful offering marks a significant milestone in our ongoing efforts to strengthen ARRAY's capital structure and position the company for long-term growth. By refinancing higher-cost debt and proactively managing our debt maturity profile, we are enhancing our financial flexibility while minimizing potential dilution for shareholders. These actions reflect our continued commitment to disciplined capital allocation and delivering sustainable value."

H. Keith Jennings, Chief Financial Officer of ARRAY, added, "We are pleased with the strong demand for our convertible notes offering, which allowed us to upsize the transaction and optimize our balance sheet. The repayment of our term loan affords us the full maturity extension of ...