Plug Power Inc. Announces Pricing of Offering of $200.0 Million of Convertible Senior Notes

About this update from Plug Power, Inc.

[{"type":"text","content":"LATHAM, N.Y., May 14, 2020 (GLOBE NEWSWIRE) -- Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG) today announced the pricing of $200.0 million aggregate principal amount of 3.75% Convertible Senior Notes due 2025 (the “notes”) in a private offering (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Plug Power also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $30.0 million aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to close on May 18, 2020, subject to customary closing conditions, and is expected to result in approximately $193.4 million (or approximately $222.5 million if the initial purchasers exercise their option to purchase additional notes in full) in net proceeds to Plug Power after deducting the initial purchasers’ discount and estimated offering expenses payable by Plug Power. \n The notes will be senior, unsecured obligations of Plug Power. The notes will bear interest at a rate of 3.75% per year. Interest will be payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The notes will mature on June 1, 2025, unless earlier repurchased, redeemed or converted. Plug Power may not redeem the notes prior to June 5, 2023; on or after June 5, 2023, Plug Power may redeem the notes only upon the occurrence of certain events and during certain periods. Holders of the notes will have the right to require Plug Power to repurchase all or a portion of their notes upon the occurrence of a fundamental change (as defined in the indenture governing the notes) at a purchase price of 100% of their principal amount plus any accrued and unpaid interest to, but excluding, the relevant fundamental change repurchase date. The notes will be convertible at an initial conversion rate of 198.6196 shares of Plug Power’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $5.03 per share, which represents a conversion premium of approximately 22.5% to the last reported sale price of $4.11 per share of Plug Power’s common stock on The Nasdaq Capital Market on May 13, 2020). Prior to the close of business on the business day immediately preceding December 1, 202...

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