Stem underwriters opt to purchase $60 million more convertibles

Chicago, Nov. 22 – Stem, Inc. reported that the initial purchasers of its 0.5% seven-year green convertible notes have exercised the option, in full, to purchase an additional $60 million of the notes, according to an 8-K filed with the Securities and Exchange Commission.

The option was exercised on Friday.

There are now $460 million of the notes issued. They priced with an initial conversion premium of 32.5%, as previously reported.

Morgan Stanley & Co. LLC (lead left), Goldman Sachs & Co. LLC and Barclays were bookrunners for the Rule 144A offering.

The initial size of the deal was $350 million with a greenshoe of $52.5 million.

Stem is a San Francisco-based advanced energy storage solutions company.

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