T1 Energy Inc. (NYSE: TE) announced the pricing of its convertible senior notes offering at $160 million aggregate principal amount, representing an increase from the previously announced $125 million offering.

The 4.00% convertible senior notes due 2031 are expected to generate approximately $151.6 million in net proceeds after deducting underwriting discounts and estimated offering expenses. The company has granted underwriters a 30-day option to purchase an additional $24 million in notes to cover over-allotments.

The offering is scheduled to close on April 17, 2026, subject to customary closing conditions. T1 Energy plans to use the proceeds for construction and development of infrastructure and purchase of production equipment for Phase 1 of its G2_Austin solar cell manufacturing facility with 2.1 GW capacity, along with general corporate purposes.

The convertible notes will carry a 4.00% interest rate, payable semi-annually on April 15 and October 15, beginning October 15, 2026. The notes mature on April 15, 2031, unless earlier converted, redeemed or repurchased.

The initial conversion rate is set at 146.9724 shares per $1,000 principal amount, equivalent to a conversion price of approximately $6.80 per share. This represents a 40% conversion premium above the April 14, 2026 closing stock price of $4.86 per share on the New York Stock Exchange.

The notes will not be redeemable prior to April 20, 2029. After that date, T1 Energy may redeem the notes under certain conditions, including when the stock price equals or exceeds 130% of the conversion price for specified trading periods.

Santander and J.P. Morgan serve as lead bookrunning managers for the offering, with BTIG, HSBC and Societe Generale acting as joint bookrunning managers.