Why Enphase Energy's Shares Dropped 8.2% on Thursday
Shares of solar supplier Enphase Energy (NASDAQ: ENPH) plunged as much as 8.2% in trading on Thursday after the company announced a larger debt offering. Shares closed the day down 7.5%.
Yesterday, Enphase Energy announced a $1 billion green bonds offering, which was intended to be $500 million of 2026 and 2028 convertible senior notes. Today, that offering was increased to $1.15 billion with an equal amount in 0% Convertible Senior Notes due 2026 and 0% Convertible Senior Notes due 2028. The pricing of the offering is expected to generate about $1.132 billion before any overallotment.
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Source Fool.com
