Energy Vault Holdings, Inc. priced a private offering of $140.0 million aggregate principal amount of 5.250% convertible senior notes due 2031, which was upsized from a previously announced $125.0 million offering. The company expects to use the net proceeds to fund capped call transactions, redeem a portion of existing convertible debentures, and for general corporate purposes.
Key takeaways
Energy Vault priced $140.0 million in convertible senior notes due 2031, upsized from $125.0 million.
The notes bear interest at 5.250% per year, payable semiannually beginning September 1, 2026, and mature on March 1, 2031.
The initial conversion price is approximately $5.18 per share, representing a 27.5% premium over the last reported sale price of $4.06 on February 11, 2026.
The company estimates net proceeds of approximately $135.5 million (or $154.8 million if the option is exercised in full) before deducting fees and expenses.
Proceeds will fund capped call transactions, redeem $35.0 million to $45.0 million of convertible debentures issued to YA II PN, Ltd., and be used for general corporate purposes.
The company entered into capped call transactions with a cap price of $8.12 per share, representing a 100% premium over the $4.06 share price on February 11, 2026.