Plug Power (PLUG) priced $375.0 million aggregate principal amount of 6.75% convertible senior notes due 2033 in a private offering to qualified institutional buyers.
The initial purchasers of the notes a 13-day option to purchase up to an additional $56.25 million aggregate principal amount of the notes.
The sale of the notes to the initial purchasers is expected to close on November 21, 2025 and is expected to result in ~$347.2 million (or ~$399.4 million if the initial purchasers exercise their option to purchase additional notes in full) in net proceeds to Plug Power after deducting the initial purchasers’ discount and estimated offering expenses payable by Plug Power.
The offering price of the notes is 95% of the principal amount of notes.
Plug Power intends to use ~$245.6 million of the net proceeds from the offering to fully repay the outstanding principal amount.
The stock price traded 21% lower to $1.69 on Monday during after-market hours of trading.
