Antara Capital is to make a USD300 million investment in electric vehicle (EV) charging network ChargePoint through the purchase of convertible senior notes.
Under the terms of the investment, Antara Capital LP will purchase a total aggregate principal amount of USD300 million in 3.50 pre cent/5.00 per cent Convertible Senior Notes due 2027 (the Notes). The transaction is expected to close on 12 April, 2022.
The Notes will be convertible at an initial conversion price to be determined prior to closing. The initial conversion price will represent a 30.0 per cent premium to ChargePoint’s volume-weighted average price over a pre-determined period between this announcement and closing. Upon any conversion, ChargePoint will have the right to elect settlement in cash, shares or any combination thereof in its sole discretion.
The gross proceeds from the sale of the Notes are expected to be USD300 million, before deducting fees and estimated offering expenses.