PureCycle Announces Upsize and Pricing of $215.0 Million 7.25% Green Convertible Senior Notes Due 2030

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[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / August 22, 2023 / PureCycle Technologies, Inc. (\"PureCycle\") (NASDAQ:PCT), today, announced the upsize and pricing of its offering of $215.0 million aggregate principal amount at maturity of 7.25% 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\"). The issuance and sale of the notes is scheduled to settle on August 24, 2023. PureCycle granted 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 $35.0 million aggregate principal amount of the notes. Each $1,000 principal amount at maturity of notes will be issued at a price of $900. 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. The notes will be senior, unsecured obligations of PureCycle and will accrue interest on the principal amount at maturity at a rate of 7.25% per annum from August 24, 2023, payable semi-annually on February 15 and August 15 of each year, beginning February 15, 2024. The notes will mature on August 15, 2030, unless earlier repurchased, redeemed or converted. The aggregate principal amount at maturity of the offering was increased from the previously announced offering size of $200 million (or $230 million if the initial purchaser exercises its option to purchase additional notes in full).Entities affiliated with Sylebra Capital Management have committed to purchase up to $50.0 million aggregate principal amount at maturity of notes. In addition, our financial advisor has committed to purchase up to $5.0 million principal amount at maturity of notes in this offering. Holders of the notes may convert all or any portion of their notes at their option at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, PureCycle will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at PureCycle's election. The initial conversion rate is 67.4764 shares of common stock per $1,000 princip...

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