Centrus Energy Corp. has announced the pricing of $700 million aggregate principal amount of 0% convertible senior notes due 2032 in an upsized private offering. This offering was increased from the previously announced size of $650 million. In connection with the offering, Centrus has granted the initial purchasers of the notes an option to purchase up to an additional $105 million aggregate principal amount of the notes on the same terms and conditions.
The conversion rate for the notes will initially be 4.3551 shares of Class A common stock of Centrus per $1,000 principal amount of notes, which represents a conversion premium of approximately 22.5% to the last reported sale price of the Class A common stock of Centrus on the NYSE American LLC on August 13, 2025.
Centrus estimates that the net proceeds from the offering will be approximately $680.0 million (or approximately $782.1 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting fees and estimated expenses. The company intends to use the net proceeds from this offering for general corporate purposes.
The notes will rank senior in right of payment to any of Centrus’ unsecured indebtedness that is expressly subordinated in right of payment to the notes, and will rank equal in right of payment to any of Centrus’ unsecured indebtedness that is not so subordinated, including Centrus’ 2.25% notes due 2030. However, the notes will rank structurally junior to all indebtedness and other liabilities of Centrus’ subsidiaries.
Centrus Energy Corp. is a trusted American supplier of nuclear fuel and services for the nuclear power industry. The company has provided its utility customers with more than 1,850 reactor years of fuel since 1998, which is equivalent to more than 7 billion tons of coal. Centrus is pioneering the production of high-assay, low-enriched uranium and leading the effort to restore America’s uranium enrichment capabilities at scale.
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 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. Following these announcements, the company's shares moved -13.77%, and are now trading at a price of $187.44. If you want to know more, read the company's complete 8-K report here.
