Oaktree-backed Array Technologies sets IPO pricing terms

Array Technologies Inc, which is backed by Oaktree Capital, has priced 7 million shares of its IPO at a price range between $19 and $21 per share.

Array Technologies Inc, which is backed by Oaktree Capital, has priced 7 million shares of its IPO at a price range between $19 and $21 per share. The stock will list on the NASDAQ under the ticker symbol “ARRY.” Goldman Sachs and J.P. Morgan are the lead underwriters. Array Technologies is a maker of ground-mounting systems used in solar energy projects.

PRESS RELEASE

ALBUQUERQUE, N.M.–(BUSINESS WIRE)–Array Technologies, Inc. (the “Company”) today announced that it has launched the roadshow for the initial public offering of its common stock. The Company is offering 7,000,000 shares of its common stock. A parent entity of the Company controlled by Oaktree Capital is offering 26,750,000 shares of the Company’s common stock and intends to grant the underwriters a 30-day option to purchase up to an additional 5,062,500 shares. The initial public offering price is expected to be between $19.00 and $21.00 per share. The Company intends to list its common stock on the Nasdaq Global Market under the symbol “ARRY”.

The Company intends to use the net proceeds from this offering to prepay outstanding principal under its new senior credit facility and, to the extent of any remaining net proceeds, for general corporate purposes, including working capital, operating expenses and capital expenditures. The Company will not receive any of the proceeds from the sale of shares offered by the parent entity.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. Guggenheim Securities and Morgan Stanley are also acting as joint book-running managers and Credit Suisse, Barclays and UBS Investment Bank are acting as book-runners. Cowen, Oppenheimer & Co. Inc., MUFG and Nomura are acting as co-managers.

The offering will be made only by means of a prospectus, which will be filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus relating to this offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282 (telephone: (866) 471-2526 or email: prospectus-ny@ny.email.gs.com); J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: 1-866-803-9204), or by email at prospectus-eq_fi@jpmchase.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, NY 10017, by telephone at (212) 518-9658, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Array Technologies, Inc.
Array Technologies is one of the world’s largest manufacturers of ground-mounting systems used in solar energy projects. The Company’s principal product is an integrated system of steel supports, electric motors, gearboxes, electronic controllers and software, commonly referred to as a single-axis “tracker.” Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production. Solar energy projects that use trackers generate up to 25% more energy and deliver a lower levelized cost of energy than projects that use conventional “fixed tilt” mounting systems. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia.