Eos Energy Enterprises (EOSE) has priced $525 million in 1.75% convertible senior notes due 2031 in a private offering to qualified institutional buyers.
The deal, increased from $500 million, is expected to close on November 24, 2025, subject to standard conditions. The company also gave initial purchasers a 13-day option to buy up to an additional $75 million in notes.
The notes will accrue interest at 1.75% per annum, payable semi-annually in arrears, and will mature on December 1, 2031, unless earlier repurchased, redeemed, or converted.
The initial conversion rate is 61.3704 shares of common stock per $1,000 principal amount of notes, representing an initial conversion price of ~$16.29 per share.
Eos estimates net proceeds of $507.9 million, or ~$580.5 million if the initial purchasers fully exercise their option to purchase additional notes. Net proceeds, together with the proceeds from a concurrent equity offering, if it is consummated, will be used to repurchase a portion of Eos’s outstanding 6.75% convertible senior notes due and for general corporate purposes.
Eos also announced the pricing of an offering of 35.85M shares of its common stock at $12.78 per share.
EOSE +3.5% premarket to $13.24
Source: Press Release