T1 Energy Inc. has entered into a note purchase agreement to sell an additional $50.0 million in principal amount of its 4.75% Convertible Senior Notes due 2031. The private placement is with a qualified institutional buyer that is an existing shareholder. The company intends to use the net proceeds primarily for the construction and development of its G2_Austin solar cell fab, describing the financing as a bridge to a more comprehensive funding solution. This issuance will bring the total aggregate principal amount of the company's 4.75% Convertible Senior Notes due 2031 to $170.0 million.
Key Details
- Offering Details: Private placement of an additional $50.0 million in 4.75% Convertible Senior Notes due 2031, with expected gross proceeds of approximately $50.4 million.
- Use of Proceeds: To fund the construction, development, and equipment purchases for Phase 1 of the G2_Austin solar cell fab, as well as for general corporate purposes.
- Note Terms: The notes mature on August 1, 2031, and have an initial conversion price of approximately $4.46 per share. The new notes are fungible with the existing $120.0 million series issued on July 31, 2026.
- Timeline: The agreement was entered into on September 28, 2026, with the closing of the placement expected on September 30, 2026.