TPI Composites will use private preferred offer to repay bank debt

Chicago, Nov. 10 – TPI Composites, Inc. will use a $350 million private placement of preferred stock to repay all of its outstanding debt under its credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

The company obtained a waiver on its credit facility that lists JPMorgan Chase Bank, NA as administrative agent with respect to its failure to comply with the total net leverage ratio.

The waiver period ends Dec. 8, when the company plans to settle the preferred stock offer.

The manufacturer of composite wind blades is based in Scottsdale, Ariz.

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