Centrus Announces Proposed Private Offering of $650 Million of Convertible Senior Notes due 2032
Centrus Energy (NYSE American: LEU) has announced plans to offer $650 million in Convertible Senior Notes due 2032 through a private offering to qualified institutional buyers. The company will grant initial purchasers an option to buy an additional $100 million in notes within 13 days of issuance.
The notes will bear semiannual interest payments starting February 15, 2026, and will mature on August 15, 2032. Upon conversion, Centrus will pay cash up to the principal amount and may settle the remainder in cash, Class A common stock, or a combination thereof. The proceeds will be used for general corporate purposes.
Centrus Energy (NYSE American: LEU) ha annunciato l'intenzione di offrire 650 milioni di dollari in obbligazioni convertibili senior con scadenza 2032 tramite un'offerta privata rivolta ad acquirenti istituzionali qualificati. La società concederà agli acquirenti iniziali un'opzione per acquistare ulteriori 100 milioni di dollari di titoli entro 13 giorni dall'emissione.
Le obbligazioni prevedono pagamenti di interessi semestrali a partire dal 15 febbraio 2026 e scadranno il 15 agosto 2032. In sede di conversione, Centrus corrisponderà in contanti fino all'importo principale e potrà regolare il resto in contanti, in azioni ordinarie di Classe A o in una combinazione delle due. I proventi saranno impiegati per scopi aziendali generali.
Centrus Energy (NYSE American: LEU) ha anunciado planes para ofrecer 650 millones de dólares en notas senior convertibles con vencimiento en 2032 mediante una colocación privada dirigida a compradores institucionales calificados. La compañÃa otorgará a los compradores iniciales una opción para adquirir 100 millones de dólares adicionales en notas dentro de los 13 dÃas posteriores a la emisión.
Las notas devengarán pagos de intereses semestrales a partir del 15 de febrero de 2026 y vencerán el 15 de agosto de 2032. Al convertirse, Centrus pagará en efectivo hasta el monto principal y podrá liquidar el resto en efectivo, en acciones ordinarias Clase A o mediante una combinación de ambos. Los ingresos se destinarán a propósitos corporativos generales.
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Centrus Energy (NYSE American: LEU) a annoncé son intention d'offrir 650 millions de dollars en billets convertibles seniors arrivant à échéance en 2032, par le biais d'une offre privée destinée à des investisseurs institutionnels qualifiés. La société accordera aux souscripteurs initiaux une option d'acheter 100 millions de dollars supplémentaires de billets dans les 13 jours suivant l'émission.
Les billets porteront des intérêts semestriels à compter du 15 février 2026 et arriveront à échéance le 15 août 2032. En cas de conversion, Centrus versera en espèces jusqu'au montant principal et pourra régler le solde en espèces, en actions ordinaires de classe A ou par une combinaison des deux. Les produits seront utilisés à des fins générales de l'entreprise.
Centrus Energy (NYSE American: LEU) hat Pläne angekündigt, 650 Millionen US-Dollar in wandelbaren vorrangigen Schuldverschreibungen mit Fälligkeit 2032 im Rahmen einer Privatplatzierung an qualifizierte institutionelle Käufer anzubieten. Dem Erstkäufer wird eine Option gewährt, innerhalb von 13 Tagen nach Ausgabe zusätzlich 100 Millionen US-Dollar an Schuldverschreibungen zu erwerben.
Die Schuldverschreibungen sehen halbjährliche Zinszahlungen ab dem 15. Februar 2026 vor und laufen am 15. August 2032 zur Zahlung aus. Bei Umwandlung zahlt Centrus bis zur Höhe des Nennbetrags in bar und kann den verbleibenden Teil in bar, in Stammaktien der Klasse A oder in einer Kombination davon begleichen. Der Erlös wird für allgemeine Unternehmenszwecke verwendet.
- Potential to raise up to $750 million in capital through the offering
- Flexible conversion terms allowing for cash, stock, or combined settlement
- Long-term debt maturity extending to 2032
- Potential dilution for existing shareholders if notes are converted to stock
- Additional debt burden and interest payment obligations
- Limited to qualified institutional buyers, restricting potential investor base
Insights
Centrus's $650M convertible note offering significantly enhances liquidity while creating potential future dilution through conversion features.
Centrus Energy is pursuing a substantial
The conversion settlement structure is particularly noteworthy - Centrus will pay cash up to the principal amount of converted notes, while the conversion premium (if any) can be settled in cash, stock, or a combination at Centrus's discretion. This structure provides the company flexibility in managing potential dilution while still offering conversion upside to investors.
While specific terms like interest rate and conversion price remain undetermined pending final pricing, this offering represents a significant capital raise relative to Centrus's size. The proceeds designated for "general corporate purposes" provide substantial financial flexibility but leaves specific use of funds unclear. This transaction substantially increases Centrus's debt load while potentially creating future shareholder dilution through the conversion feature. The Rule 144A structure restricts the offering to qualified institutional buyers, typical for these transactions, limiting retail investor participation.
The Notes will bear interest semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2026. The Notes will mature on August 15, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date.
When issued, the Notes will be senior, unsecured obligations of Centrus. Prior to the close of business on the business day immediately preceding May 15, 2032, the Notes will be convertible at the option of the holders of the Notes only upon the satisfaction of specified conditions and during certain periods. On or after May 15, 2032 until the close of business on the second scheduled trading day immediately prior to the maturity date, the Notes will be convertible, at the option of the holders of Notes, at any time regardless of such conditions. Upon conversion, Centrus will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Class A common stock of Centrus or a combination of cash and shares of Class A common stock of Centrus, at Centrus' election, in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the Notes being converted. The final terms of the Notes, including the initial conversion rate, initial conversion price, interest rate and certain other terms, will be determined at the time of pricing of the Offering.
Centrus expects to use the net proceeds from this offering for general corporate purposes.
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the Notes and the shares of Class A common stock of Centrus issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, the Notes and such shares, if any, may not be offered or sold in
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Notes (or any shares of Class A common stock of Centrus issuable upon conversion of the Notes) in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
About Centrus Energy Corp.
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.Â
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at .
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. Statements regarding the timing and amount of the Offering, including whether we will be able to consummate the Offering, the terms of the Offering, the satisfaction of customary closing conditions with respect to the Offering and the anticipated use of the net proceeds of the Offering are also forward-looking statements. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control.
For Centrus, particular risks and uncertainties (hereinafter "risks") that could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: risks related to the
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release, in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other documents we file from time to time with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Contacts:
Investors: Neal Nagarajan at [email protected]
Media: Dan Leistikow at [email protected]
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SOURCE Centrus Energy Corp.