Enphase Energy Inc. filed a registration statement for the resale by a security holder of up to $5 million of 4.00% convertible senior notes due 2023 and 990,099 shares of common stock to be issued upon conversion of the notes.
Thurman John Rodgers, an Enphase director and stockholder, purchased through a trust he controls $5.0 million of Enphase Energy's 4.00% convertible senior notes due 2023 in a private placement completed in August, according to the filing.
Rodgers' trust, described in the filing as the selling security holder, plans to resell the affiliate notes and any shares of the company's common stock issuable upon conversion of the affiliate notes.
Enphase will not receive any proceeds from the sale of the notes or common shares by the selling security holder.
The notes will bear interest at 4.00% per year, payable semiannually in arrears every Feb. 1 and Aug. 1 starting Feb. 1, 2019. The notes will mature Aug. 1, 2023, unless earlier converted or repurchased.
Holders may convert all or any portion of the notes in multiples of $1,000 principal amount at their option at any time before the close of business on the business day before the maturity date.
U.S. Bank NA is the trustee, paying agent and conversion agent for the transaction.