Plug Power Nets $431 Million From Convertible Notes Offering
Reuters
Nov 22
<a href="https://laohu8.com/S/PLUG">Plug</a> Power Nets $431 Million From Convertible Notes Offering
Plug Power Inc. has closed its previously announced offering of $375 million aggregate principal amount of 6.75% convertible notes due 2033, with the initial purchasers exercising their option to buy an additional $56.25 million, resulting in a total aggregate principal amount of $431.25 million. The company received approximately $399.4 million in net proceeds after deducting the initial purchasers' discount and estimated offering expenses. The refinancing allows Plug Power to retire all remaining high-cost 15% debt, refinance its 2026 convertible notes, and eliminate the first lien previously held by its former debt provider. The new eight-year notes provide stable, long-duration financing with no required amortization over that period and an interest rate of 6.75%.
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