Blackstone funds to spend up to USD 500m in Array Technologies

Aug 20, 2021 01:12 PM ET
  • Personal equity funds managed by Blackstone Energy Partners have actually committed to put USD 350 million (EUR 299.6 m) into United States solar tracker maker Array Technologies Inc (NASDAQ: ARRY), with the option to spend a lot more.
Blackstone funds to spend up to USD 500m in Array Technologies
Image: Array Technologies

New Mexico-based Array Technologies revealed it has consented to sell up to USD 500 million of perpetual preferred stock to Blackstone Inc's (NYSE: BX) energy-focused private equity organization. At the preliminary closing, the investment will be USD 350 million, for which Blackstone will get 7.875 million shares of Array common stock, or around a 5.8% risk.

The solar tracker maker claimed it will use the funds from the preliminary closing to settle existing financial obligation and also sustain its expansion plans.

The Blackstone funds will certainly have the alternative to subscribe for an additional USD 150 million worth of Array's continuous preferred stock by June 30, 2023. Following its preliminary commitment, Bilal Khan, Paulo Almirante and also Gerrard Schmid have actually joined Array's board of supervisors.

The continuous preferred stock will certainly be qualified to pay rewards of 5.75% every year.

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