Chicago, March 21 – Plug Power Inc. settled an exchange offer on March 20 relating to convertible senior notes, according to an 8-K filing with the Securities and Exchange Commission.
The company negotiated privately with holders of $138,816,000 of the company’s outstanding 3.75% convertible senior notes on an exchange for $140,396,000 of new 7% convertible senior notes due 2026.
After the exchange, $58.5 million of the 3.75% notes are outstanding.
The terms of the new notes include an initial conversion premium of 20% over the closing price on March 12.
The new notes are convertible any time after Dec. 1, 2025 at the option of the holders.
Redemption, subject to a 130% hurdle, is optional starting June 5, 2025.
The new notes are exempt under section 4(a)(2).
Davis Polk advised the underwriter.
Plug Power is a Latham, N.Y.-based designer and manufacturer of hydrogen fuel cell systems.
| Issuer: | Plug Power Inc.
|
| Amount: | $140,396,000
|
| Issue: | Convertible senior notes
|
| Maturity: | June 1, 2026
|
| Trustee: | Wilmington Trust, NA
|
| Counsel to underwriters: | Davis Polk
|
| Coupon: | 7%
|
| Conversion premium: | 20%
|
| Conversion price: | $4.25
|
| Conversion rate: | 235.4049
|
| Call features: | Starting June 5, 2025, subject to 130% hurdle
|
| Change of control: | At par
|
| Settlement date: | March 20
|
| Distribution: | Exchange
|
| Stock symbol: | Nasdaq: PLUG
|
| Stock price: | $3.54 on March 12
|
| Market capitalization: | $2.46 billion
|
| Cusip: | 72919PAF0
|
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