SolarEdge to seek US$500m in private offering

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Image: SolarEdge.

Inverter manufacturer SolarEdge is seeking to raise up to US$500 million through a private offering, the company confirmed today.

In a statement issued this morning, SolarEdge announced its intent to offer US$500 million of convertible senior notes that would be due in five years’ time within a private offering to institutional investors.

Net proceeds from the offering are to be spent on “general corporate purposes”, the company said, with no further detail provided.

Precise details of the offering, including initial conversion price and the interest rate, are to be confirmed at a later date, however the notes will mature on 15 September 2025 unless redeemed or converted at an earlier date.

Last month SolarEdge posted a solid set of Q2 financial results with revenue for the three months ended 30 June 2020 totalling US$331.9 million, towards the top end of guidance issued during the prior quarter. This was representative of a 2% increase year-on-year in spite of the pandemic creating “many operational challenges”, chief executive Zvi Lando said.

Equally, SolarEdge noted that it had amassed a cash, cash equivalents, deposits and marketable securities stockpile of nearly US$600 million, with CFO Ronen Faier adding that the company could look to bolster its R&D as a result of a strong financial position and reduced operational expenditure.

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