T1 Energy Inc. announced the closing of a previously disclosed private placement of an additional $50.0 million in Convertible Senior Notes. The notes carry a 4.75% coupon and mature in 2031. A qualified institutional buyer that is an existing shareholder purchased the notes.
Gross proceeds are expected to be approximately $50.4 million. The company plans to use the net proceeds to fund development and infrastructure for Phase 1 of its G2_Austin solar cell fabrication facility. The financing is intended to bridge to broader financing and support the company's expansion in solar manufacturing.
The new notes will be fungible with the existing $120.0 million of notes. Total notes outstanding will be $170.0 million.