Brief: TPI Composites Announces Up To $600 Mln Capital Investment From Oaktree

TPI Composites

08/11/2021 22:00

Nov 8 (Reuters) - TPI Composites Inc  TPIC.O :
    * TPI COMPOSITES, INC. ANNOUNCES UP TO $600 MILLION CAPITAL
INVESTMENT FROM OAKTREE – STRENGTHENS LIQUIDITY POSITION AND
SUPPORTS LONG TERM STRATEGY AND PROSPECTS
    * TPI COMPOSITES INC - TO ISSUE AND SELL $400 MILLION OF
SERIES A
PREFERRED STOCK TO INVESTMENT FUNDS MANAGED BY OAKTREE
    * TPI COMPOSITES INC - SUBJECT TO MUTUAL AGREEMENT OF TPI
AND
OAKTREE, OAKTREE MAY INVEST AN ADDITIONAL $200 MILLION FOR
FOLLOW ON CAPITAL
    * TPI COMPOSITES INC - SERIES A PREFERRED STOCK WILL BE
ENTITLED
TO DIVIDENDS AT RATE OF 11% PER YEAR
    * TPI COMPOSITES INC - INTENDS TO USE PROCEEDS FROM SALE OF
SERIES
A PREFERRED STOCK TO PAY OFF OUTSTANDING INDEBTEDNESS UNDER
SENIOR CREDIT FACILITY

Source text for Eikon:  ID:nGNX5d5hLf 
Further company coverage:  TPIC.O 

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