tpi composites inc shares were down 16 to 1208 in premarket trading tuesday after the company said it has begun a private offering of 100 million of convertible senior notes due 2028 the scottsdale arizbased electric and decarbonization composite solutions company said monday that the private offering is for senior unsecured obligations that would accrue interest payable semiannually in arrears and mature march 15 2028 unless earlier converted redeemed or repurchased tpi said it would settle conversions with cash shares or a combination of both tpi also expects to grant initial purchasers an option to buy up to an additional 15 million of notes for settlement within a 13day period beginning on and including the date on which the notes are first issued a portion of the proceeds from the offering would fund green projects designed to contribute to selected sustainable development goals as defined by the united nations and for working capital capital expenditures and general corporate purposes the company said tpi said last week that it committed in december to a restructuring plan citing changing economic and geopolitical factors including increased logistics costs and tariffs imposed on components of wind turbines from china the company ceased production in yangzhou china on dec 31 and plans to shut down its business operations in china