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Plug Power settles exchange offer for new 7% convertible notes
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.
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