PureCycle closes $432.5M in notes and stock offerings

PureCycle Technologies, Inc. (NASDAQ: PCT) closed concurrent public offerings totaling approximately $432.5 million in net proceeds, the company announced June 15, 2026.

The offerings comprised $287.5 million aggregate principal amount of 4.75% convertible senior notes due 2032 and 19,854,000 shares of common stock. Both figures include the full exercise of underwriter over-allotment options, which added $37.5 million in notes and 2,283,800 shares of common stock. Morgan Stanley served as sole bookrunner for both offerings.

The notes carry an initial conversion price of approximately $11.08 per share, representing a 35% premium above the stock offering price. Interest accrues at 4.75% per annum, payable semi-annually beginning January 1, 2027. The notes mature July 1, 2032, and PureCycle may not redeem them before July 6, 2029.

PureCycle said it expects to use approximately $246.3 million of net proceeds to repurchase approximately $216.0 million aggregate principal amount of its existing 7.25% Green Convertible Senior Notes due 2030 through privately negotiated transactions. Those repurchases were expected to settle on or about June 15, 2026. The company said remaining proceeds will be used to repurchase additional Green Convertible Notes and for working capital and general corporate purposes.

The offerings were made under a shelf registration statement filed with the U.S. Securities and Exchange Commission on June 10, 2026.

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