T1 Energy prices $120M convertible notes due 2031

T1 Energy Inc. (NYSE: TE) has entered into note purchase agreements for a private placement of $120.0 million in aggregate principal amount of 4.75% convertible senior notes due 2031, according to a company statement.

The offering, which is expected to close July 31, 2026, is subject to customary closing conditions. The notes will mature on August 1, 2031, with interest payable semi-annually beginning February 1, 2027.

T1 Energy said it intends to use the net proceeds to fund construction and development of infrastructure and purchase of production line equipment for Phase 1 of its G2_Austin solar cell fabrication facility, as well as for general corporate purposes. The company described the proceeds as a bridge to a broader financing solution that includes a significant debt component for the remaining capital expenditures of Phase 1.

The initial conversion rate is set at 224.0143 shares per $1,000 principal amount, equivalent to a conversion price of approximately $4.46 per share. This represents a premium of approximately 20% above T1 Energy's closing stock price of $3.72 on the New York Stock Exchange on July 29, 2026.

The notes will not be redeemable before August 6, 2029. After that date, T1 Energy may redeem the notes if its stock price equals or exceeds 130% of the conversion price on at least 20 trading days during a specified 30-day period.

The notes were offered only to qualified institutional buyers under the Securities Act of 1933 and have not been registered under federal or state securities laws. T1 Energy said it has agreed to file a registration statement with the U.S. Securities and Exchange Commission for the resale of shares issuable upon conversion.

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