PLUG POWER INC (PLUG): debt financing — Plug Power exchanges $138.8M of 3.75% notes for $140.4M of 7% notes due 2026; board rebalanced

PLUG POWER INC

Issued $140.4M of 7.00% Convertible Senior Notes due 2026 in exchange for $138.8M of 3.75% notes due 2025.
About $58.5M of 2025 Notes remain outstanding with original terms unchanged.
New notes have initial conversion price of ~$4.25/share; redeemable after June 5, 2025 under conditions.
Director Gary K. Willis reclassified from Class I to Class III to equalize board classes to three each, effective March 26, 2024.

item 1.01 item 2.03 item 3.02 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PLUG POWER INC incurred convertible notes of $140,396,000 with Wilmington Trust, National Association at 7.00% per annum maturing June 1, 2026.

Instrument: convertible notes
Principal: $140,396,000
Counterparty: Wilmington Trust, National Association
Rate: 7.00% per annum
Maturity: June 1, 2026
Event: incurrence

Exact text from the filing

On March 20, 2024, in connection with the consummation of previously announced private exchange transactions, Plug Power Inc., a Delaware corporation (the “Company”), issued $140,396,000 in aggregate principal amount of its 7.00% Convertible Senior Notes due 2026 (the “New Notes”) under an Indenture, dated March 20, 2024 (the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PLUG POWER INC entered into Indenture with Wilmington Trust, National Association, as trustee valued at $140,396,000 in aggregate principal amount (effective 2024-03-20).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association, as trustee
Value: $140,396,000 in aggregate principal amount
Effective: 2024-03-20

Exact text from the filing

On March 20, 2024, in connection with the consummation of previously announced private exchange transactions, Plug Power Inc., a Delaware corporation (the “Company”), issued $140,396,000 in aggregate principal amount of its 7.00% Convertible Senior Notes due 2026 (the “New Notes”) under an Indenture, dated March 20, 2024 (the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee.

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299 debt financings filed in the last 30 days. Browse all debt financings →

PLUG POWER INC filing history →

Source: SEC EDGAR

accession 0001104659-24-039035

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