- Solaris Energy Infrastructure, Inc. (SEI, Financial) prices $135 million convertible senior notes offering, surpassing initial estimates.
- Concurrent delta offering involves 1,193,521 borrowed Class A common shares at $19.55 each for hedging transactions.
- Net proceeds from the notes offering expected to be approximately $129 million, with an option for an additional $20 million.
Solaris Energy Infrastructure, Inc. (SEI) has announced the successful pricing of its significantly upsized $135 million convertible senior notes offering, which exceeds the previously declared aggregate principal amount of $110 million. The offering is expected to generate net proceeds of approximately $129 million, with underwriters having an option to purchase an additional $20 million worth of notes.
In conjunction with the notes offering, Solaris is facilitating a concurrent delta offering, managed by Morgan Stanley & Co. LLC and Santander US Capital Markets LLC. This involves 1,193,521 shares of borrowed Class A common stock aimed at assisting hedging transactions by some of the notes' purchasers. The delta offering will price the shares at $19.55 each, with transactions expected to settle on May 2, 2025, subject to closing conditions.
No new shares of Class A common stock will be issued by Solaris, and the company will not directly gain proceeds from the delta offering. J. Wood Capital Advisors is acting as a financial advisor for the undertaking. The offerings are contingent upon each other, with both transactions intended to support the company's strategic objectives in the energy sector.
Solaris has filed a shelf registration statement on Form S-3 with the SEC, and all related offering documents are accessible online through the SEC's EDGAR database.
