debt
confidence high
sentiment neutral
materiality 0.75
Bloom Energy closes $402.5M 3% green convertible notes due 2029; refinances $115M of 2025 notes
Bloom Energy Corp
- Issued $402.5M aggregate principal amount of 3.00% Green Convertible Senior Notes due 2029, including full exercise of $52.5M option.
- Initial conversion price of ~$20.84 per share, a 32.5% premium over $15.73 closing price on May 23.
- Used ~$141.8M of net proceeds to repurchase $115.0M of outstanding 2.50% convertible notes due 2025.
- Net proceeds estimated at ~$389.7M after discounts and expenses; remainder for corporate purposes and green projects.
- Notes are senior unsecured, mature June 1, 2029; interest payable semi-annually at 3.00%.