GT Advanced Falls on $175 Million Convertible Notes Plan

GT Advanced Technologies Inc. (GTAT), a U.S. supplier to solar manufacturers and energy-efficient lighting companies, fell the most in four months after announcing a plan to issue as much as $175 million in convertible notes.

GT Advanced, based in Merrimack, New Hampshire, fell 8.6 percent to $5.93 at the close in New York, the most since May 17. The shares have declined 18 percent this year. The company makes systems that produce polysilicon for photovoltaic cells as well as tools to grow sapphires.

The notes will mature on Oct. 1, 2017, and underwriters have the option to purchase as much as an additional $26.3 million, GT said today in a statement. The funds will be used for general corporate purposes including acquisitions and refinancing debt.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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