TPI Composites tumbles on $100 mln convertible notes offering launch

TPI Composites

27/02/2023 21:42

** TPI Composites Inc's  TPIC.O  shares fall ~19% in
extended trading as global wind-blade manufacturer looks to
raise capital 
    ** Scottsdale, Arizona-headquartered firm offering privately
$100 mln 5-yr convertible bonds (CBs)
    ** Co plans to use portion of net offering proceeds to pay
cost of capped call transactions, remainder to fund "eligible
green projects" and for working capital, capex, and potential
debt repayment
    ** TPIC shares on Mon closed up 3.3% at $14.41 for roughly
$610 mln market cap, per Refinitiv data
    ** Shares have risen ~21% since co on Feb 22 posted
bigger-than-expected loss in Q4, per Refinitiv, saying it sees
signs of returning demand in US fueled by expected benefits of
Inflation Reduction Act
    ** YTD, stock up 42%
    ** 16 analysts cover TPIC, on avg rating it "buy"; median PT
is $16 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))