T1 Energy Upsizes $160M 4.00% Convertible Notes, Targets G2_Austin Solar Fab Funding
T1 Energy has priced an upsized $160 million offering of 4.00% convertible senior notes due 2031, with net proceeds of $151.6 million and a $24 million overallotment option closing April 17, 2026. Proceeds will fund Phase 1 construction and equipment for its 2.1 GW G2_Austin solar cell fab and general corporate purposes.
1. Offering Details
T1 Energy has priced an upsized underwritten public offering of $160 million aggregate principal amount of 4.00% convertible senior notes due April 15, 2031, increased from $125 million. The issuance includes a 30-day option for underwriters to purchase an additional $24 million and is expected to close on April 17, 2026.
2. Use of Proceeds
The company anticipates net proceeds of approximately $151.6 million after fees and expenses. These funds will support construction and equipment purchase for Phase 1 of the 2.1 GW G2_Austin solar cell fabrication facility and will cover general corporate purposes.
3. Conversion Terms
The initial conversion rate is set at 146.9724 shares per $1,000 principal (approx. $6.80 per share), reflecting a 40% premium over the $4.86 per share closing price on April 14, 2026. Conversion is permitted under specified conditions beginning January 15, 2031, until maturity.
4. Redemption Provisions
Notes bear interest payable semi-annually and are not redeemable until April 20, 2029. Thereafter, the company may redeem notes if its stock trades at or above 130% of the conversion price over designated trading periods, and holders may require repurchase upon certain fundamental change events.