PureCycle Technologies completes $432.5 million public offering of Common Stock and 4.75% Convertible Senior Notes due 2032
Client(s) PureCycle Technologies LLC
Jones Day represented PureCycle Technologies, Inc. (NASDAQ: PCT) in connection with concurrent underwritten public offerings of (i) $250 million aggregate principal amount of its 4.75% Convertible Senior Notes due 2032 (the “notes” and, such offering, the “Notes Offering”) and (ii) 17,570,200 shares of the Company’s Common Stock (the “Stock Offering” and, together with the Notes Offering, the “Offerings”). PCT also granted the underwriters in the Notes Offering and the Stock Offering a 30-day option to purchase up to an additional (i) $37.5 million aggregate principal amount of the Notes and (ii) 2,283,800 shares of its Common Stock, respectively, in each case on the same terms and conditions, which options were both exercised by the underwriters in full. The Offerings generated net proceeds of approximately $432.5 million, after deducting underwriting discounts and commissions and estimated offering expenses, and after giving effect to the exercise of the option to purchase additional Notes and shares of Common Stock. PCT used of a portion of the proceeds from the Offerings to repurchase a portion of its 7.25% Green Convertible Senior Notes due 2030 ("Green Convertible Notes"), and it expects to use the remaining net proceeds to repurchase additional Green Convertible Notes from time to time and for working capital and other general corporate purposes.
The Common Stock is listed on The Nasdaq Stock Market under the symbol "PCT."
