Eos Energy issues $225M 6.75% convertible notes; repurchases $126M PIK notes

Eos Energy Enterprises, Inc.

Issued $225M of 6.75% convertible senior notes due 2030; initial conversion price ~$5.10/share, ~27.5% premium over concurrent stock offering.
Used ~$131M of net proceeds to repurchase the full $126M outstanding 5%/6% PIK toggle note due 2026.
Will prepay $50M under CCM Denali credit agreement, cutting PIK rate from 15% to 7% and waiving covenants until 2027.
Concurrently priced underwritten public offering of 18.75M shares at $4.00/share (plus up to 2.81M option shares).
Net proceeds from notes estimated at $216M (or $240M if green-shoe fully exercised); stock offering expected to settle June 2, 2025.

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