Stem exchanges $350M convertible notes for $155M new notes, reduces debt ~$195M

STEM, INC.

Exchanged $229M of 0.50% 2028 notes (77% of outstanding) and $121M of 4.25% 2030 notes (51% of outstanding).
Issued $155M of new 12.00%/11.00% Senior Secured PIK Toggle Notes due 2030 and warrants for 439,919 shares at $30 strike.
Received $10M cash; outstanding debt reduced by ~$195M; net debt after exchange: $68M (2028), $119M (2030), $155M (new).
New notes are senior secured, first-priority lien on substantially all assets, with optional PIK interest and maturity December 2030.
CEO Arun Narayanan and CFO Doran Hole highlight improved balance sheet flexibility and ability to execute software-focused strategy.

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