Enphase Energy unveils US$1bn note offer

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The notes will be offered in two tranches, one due in 2026 and the other in 2028. Image: Enphase Energy.

Microinverter manufacturer Enphase Energy has announced plans to raise US$1 billion through the issue of convertible senior notes.

The offer will comprise US$500 million of green convertible senior notes due 2026 and another tranche due in 2028, the proceeds from which will be used to repurchase portions of notes due in 2024 and 2025.

Furthermore, Enphase said it expected to enter into hedge transactions to reduce or offset any potential dilution to its stock upon conversion of the notes, or offset cash payments it may be required to make in excess of the total amount of notes, and some of the proceeds would be used to accommodate these payments.

Enphase added that any remaining net proceeds would be used for working capital and other corporate purposes.

The note issue comes a fortnight after the company reported its full-year results for 2020, shipping nearly 7 million microinverter units – a new record for the firm – contributing towards record annual revenues of US$264.8 million.

Enphase has also driven change within its contract manufacturing supply chain to allow it to supply up to 20 million microinverters this year should demand allow, a figure which would constitute a significant increase on its existing capacity.

The manufacturer has also been on something of an acquisition spree since the turn of the year, bolstering its solar design and services expertise with the purchase of Noida’s solar design services and software developer Sofdesk.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

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