Centrus Energy Corp. announced the pricing of $350 million aggregate principal amount of 2.25% Convertible Senior Notes due 2030 in a private offering. The initial purchasers have an option to acquire an additional $52.5 million aggregate principal amount of notes.
The notes will bear interest at 2.25% per year, payable semiannually, and are expected to settle on November 7, 2024. The initial conversion rate is 10.2564 shares of Class A common stock per $1,000 principal amount, equating to an initial conversion price of approximately $97.50 per share, representing a 25% premium to the November 4, 2024 closing price.
Centrus estimates net proceeds of approximately $337.9 million, or $388.7 million if the option for additional notes is fully exercised. The company intends to use these proceeds for general working capital and corporate purposes, including investment in technology development or deployment, repayment or repurchase of outstanding debt, capital expenditures, and potential acquisitions.
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