Kirkland Advises Oaktree and Array on Closing of IPO
Kirkland & Ellis counseled Array Technologies, Inc., and the parent entity of Array (controlled by Oaktree Capital), on the closing of its upsized initial public offering of 54,625,000 shares of common stock. The offering consisted of 7,000,000 shares of common stock issued and sold by Array and 47,625,000 shares of common stock sold by a parent entity of Array, which included an additional 7,125,000 shares of Array’s common stock following the exercise in full of the underwriters’ option to purchase additional shares of its common stock from Oaktree Capital, in each case at an initial public offering price of $22.00 per share. The public offering raised over $1 billion in proceeds, and is the largest US solar IPO of 2020. Array did not receive any of the proceeds from the sale of shares offered by Oaktree Capital. The common stock began trading on the Nasdaq Global Market under the symbol “ARRY” as of October 15, 2020.
The Kirkland team was led by capital markets partners Josh Korff, Michael Kim and Aslam Rawoof; transactional partners Tana Ryan and Jennifer Yapp; and debt finance partners Brian Ford and Andrea Weintraub.
