PLL General Discussion, page-2335

ALB were quite specific as to use of the case (sale of mandatory convertible preferred stock with I think 7% coupon and NOT common equity until after conversion)

"the net proceeds from the Offering for general corporate purposes, which may include, among other uses, funding growth capital expenditures, such as the construction and expansion of lithium operations in Australia and China that are significantly progressed or near completion, and repaying the Company's outstanding commercial paper."

Also clear in that is ALB are committed to keeping their leverage ratio modest and investment grade rating.

What's interesting are the analysts take on it
One thinks its a SELL as this indicates a view of "an inability to fund these projects" ...
despite ALB giving guidance of Capex of $1.7B and Cash From Operations of $1.3B ... so a shortfall of $400M .... but with C&CE on Balance Sheet of ~$900M
while another thinks its a buy as "the move should bolster ALB's balance sheet and liquidity during a period where cash flow may be tight, with no dilution until 2027"

DYOR ... what did PLL do? Sold non core holdings to bolster cash on balance sheet.