Plug Power to repurchase some of its 5.5% convertible notes due 2023

By Rebecca Melvin

New York, May 13 – Plug Power Inc. plans to buy back a portion of its existing 5.5% convertible notes due 2023 at the same time it prices a new offering of convertibles, according to a company news release on Wednesday.

The repurchases will be conducted individually in privately negotiated transactions. The terms of each transaction will depend on the market price of Plug Power’s common stock and the trading price of the 2023 notes at the time of each such note repurchase.

The consideration for any such repurchases may include cash, shares of Plug Power’s common stock, or a combination of cash and shares.

The agreements will be entered into concurrently with or shortly after the closing of the $200 million offering of new five-year convertibles, the first green convertible bond offered in the United States, with proceeds to be used to fund green initiatives.

Plug Power is a Latham, N.Y.-based hydrogen fuel cell turnkey manufacturer.

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