Plug Power Inc. announced a private offering of $375 million of Convertible Senior Notes due 2033.
The company plans to use the proceeds to repay existing debts and for general corporate purposes.
The offering is subject to market conditions, with no assurance on the completion or final terms.
Offering Details
Plug Power intends to offer $375 million aggregate principal amount of Convertible Senior Notes due 2033 to qualified institutional buyers.
Use of Proceeds
Approximately $243 million of the net proceeds will be used to repay outstanding debts, with the rest allocated for repurchasing existing notes and general corporate purposes.
Convertible Notes Terms
The notes will be convertible into cash, Plug Power's common stock, or a combination, with specific terms to be determined upon pricing.
- Plug Power Inc. has announced a private offering of $375 million of Convertible Senior Notes due 2033. The company intends to use the net proceeds to repay its existing debts and for general corporate purposes.
- The offering is subject to market conditions and other factors; therefore, the final size and terms of the offering may vary.
- Plug Power's decision to offer Convertible Senior Notes reflects its strategic financial planning, aimed at optimizing its capital structure.
The offering of Convertible Senior Notes demonstrates Plug Power's strategic financial management and efforts to optimize its capital structure for future growth and stability.