---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-114978"
form_type: "8-K"
ticker: "PLUG"
cik: "0001093691"
company_name: "PLUG POWER INC"
filed_at: "2025-11-21T23:59:59+00:00"
generated_at: "2026-05-16T17:32:17.651304+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Plug Power closes $431.25M 6.75% convertible senior notes offering; repays $245.7M of secured debentures

## Summary
- Aggregate principal $431.25M (upsized from $375M via full greenshoe); net proceeds $399.4M after discounts and expenses.
- Used $245.7M to fully repay 15.00% secured debentures plus related termination fee, and $153.9M to repurchase $138.0M of 7.00% convertible notes due 2026.
- Notes convertible at $3.00/share (40% premium over Nov 18 close of $2.14); initial conversion rate 333.3333 shares per $1,000 principal.
- Offering price 95% of principal; interest 6.75% payable semi-annually; notes mature Dec 2033, redeemable after Dec 6, 2028 under certain conditions.
- Holders can require repurchase on Dec 6, 2029 or upon a fundamental change; remaining net proceeds for working capital and general corporate purposes.

## SEC filing metadata
- accession: 0001104659-25-114978
- form_type: 8-K
- ticker: PLUG
- cik: 0001093691
- company_name: PLUG POWER INC
- filed_at: 2025-11-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1093691/000110465925114978/0001104659-25-114978-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1093691/000110465925114978/tm2531936d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-114978
- JSON: https://secwatch.observer/filing/0001104659-25-114978.json
- Plain text: https://secwatch.observer/filing/0001104659-25-114978.txt

## Key facts
- Debt Financings
  PLUG POWER INC incurred convertible notes of $431.25 million aggregate principal amount with U.S. Bank Trust Company, National Association at 6.75% maturing December 1, 2033.
  - Instrument: convertible notes
  - Principal: $431.25 million aggregate principal amount
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 6.75%
  - Maturity: December 1, 2033
  - Event: incurrence
  source text: completed its previously announced private offering (the “offering”) of $431.25 million aggregate principal amount of 6.75% Convertible Senior Notes due 2033
  evidence_url: https://www.sec.gov/Archives/edgar/data/1093691/000110465925114978/0001104659-25-114978-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.