T1 Energy rallies after $120 mln convertible bond sale
BUZZ-T1 Energy rallies after $120 mln convertible bond sale Updates stock activity
** Shares of solar solutions provider T1 Energy TE.N reverse early losses and last up 12.5% to $4.19 on Thurs after capital raise
** TE early Thurs announced private placement of $120 mln 4.75% convertible bonds due Aug 1, 2031
** Initial conversion price of $4.46 represents 20% premium above stock's last close of $3.72
** Co, which has roughly $1 bln market cap, intends to use net offering proceeds for construction and development of infrastructure relating to its Austin, Texas solar cell fab facility, and general corporate purposes
** Stock had plunged 60% in July through Weds. Even with the advance, stock off 37% YTD
** 6 of 7 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $9, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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