Centrus Energy Corp. announced the pricing of an upsized private offering of $700 million aggregate principal amount of 0% Convertible Senior Notes due 2032. The offering size was increased from the previously announced $650 million.
The initial purchasers have an option to purchase up to an additional $105 million aggregate principal amount of the notes. The notes will not bear regular interest and are expected to settle on August 18, 2025.
The initial conversion rate is 4.3551 shares of Class A common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $229.62 per share, representing a 22.5% conversion premium to the August 13, 2025, closing price. Centrus estimates net proceeds of approximately $680.0 million, or $782.1 million if the option is fully exercised, which will be used for general corporate purposes.
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