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PureCycle Announces Private Offering of $200.0 Million of Green Convertible Senior Notes
ORLANDO, FL / ACCESSWIRE / August 21, 2023 / PureCycle Technologies, Inc. (NASDAQ:PCT), today, announced its intention to offer, subject to market conditions
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / August 21, 2023 / PureCycle Technologies, Inc. (NASDAQ:PCT), today, announced its intention to offer, subject to market conditions and other factors, $200.0 million aggregate principal amount at maturity of its Green Convertible Senior Notes due 2030 (the \"notes\") in a private offering (the \"offering\") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). PureCycle also expects to grant the initial purchaser of the notes an option to purchase, for settlement during a period of 13 days from, and including, the date the notes are first issued, up to an additional $30.0 million aggregate principal amount of the notes. Each $1,000 principal amount at maturity of notes will be issued at a discount to the principal amount at maturity. An amount equal to the difference between the issue price and the principal amount at maturity will accrete from the original issue date through August 15, 2027.Entities affiliated with Sylebra Capital Management have indicated an interest in purchasing up to $75.0 million aggregate principal amount at maturity of notes.PureCycle intends to allocate an amount equal to the net proceeds from this offering to the financing and refinancing of recently completed and future Eligible Green Projects (as defined below) in the United States. In particular, PureCycle intends to allocate the net proceeds from this offering to make payments on certain long-lead items and fund initial outside battery limits engineering design work, both associated with a multi-line purification facility to be built in Augusta, Georgia. Pending such allocation, PureCycle intends to use the remaining net proceeds for general corporate purposes.\"Eligible Green Projects\" means: (i) investments in acquisitions of buildings; (ii) building developments or redevelopments; (iii) renovations in existing buildings; and (iv) tenant improvement projects, in each case, that have received, or are expected to receive, in the three years prior to the issuance of the Notes or during the term of the Notes, a Leadership in Energy and Environmental Design (LEED) Silver, Gold or Platinum certification (or environmentally equivalent successor standards). Holders of the notes may convert all or any portion of their notes at their option at any time prior...