---
schema_version: "secwatch.filing_event.v1"
accession: "0001758766-23-000054"
form_type: "8-K"
ticker: "STEM"
cik: "0001758766"
company_name: "STEM, INC."
filed_at: "2023-04-03T23:59:59+00:00"
generated_at: "2026-06-17T07:09:13.754829+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Stem issues $240M of 4.25% Green Convertible Notes due 2030, upsized from $200M

## Summary
- Net proceeds ~$232.3M; used $99.8M to repurchase $163M of existing 0.50% 2028 notes at discount.
- Initial conversion price ~$7.13 per share (27.5% premium to March 29 closing); shares issuable at company's election.
- Capped call transations with $11.18 cap price reduce potential dilution on conversion.
- Notes mature April 1, 2030; interest 4.25% semi-annually; redeemable after April 5, 2027 under conditions.

## SEC filing metadata
- accession: 0001758766-23-000054
- form_type: 8-K
- ticker: STEM
- cik: 0001758766
- company_name: STEM, INC.
- filed_at: 2023-04-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1758766/000175876623000054/0001758766-23-000054-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1758766/000175876623000054/stem-20230330.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001758766-23-000054
- JSON: https://secwatch.observer/filing/0001758766-23-000054.json
- Plain text: https://secwatch.observer/filing/0001758766-23-000054.txt

## Key facts
- Debt Financings
  STEM, INC. incurred convertible notes of $240 million aggregate principal amount with U.S. Bank Trust Company, National Association at 4.25% maturing April 1, 2030.
  - Instrument: convertible notes
  - Principal: $240 million aggregate principal amount
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 4.25%
  - Maturity: April 1, 2030
  - Event: incurrence
  source text: sold to Morgan Stanley & Co. LLC and Evercore Group L.L.C., as initial purchasers (the “Initial Purchasers”), and the Initial Purchasers purchased from the Company, $240 million aggregate principal amount of the Company’s 4.25% Green Convertible Senior Notes due 2030 (the “Notes”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758766/000175876623000054/0001758766-23-000054-index.htm
- Material Agreements
  STEM, INC. entered into Indenture dated April 3, 2023 with U.S. Bank Trust Company, National Association valued at $240,000,000 aggregate principal amount of 4.25% Green Convertible Senior Notes due 2030 (effective 2023-04-03).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: U.S. Bank Trust Company, National Association
  - Value: $240,000,000 aggregate principal amount of 4.25% Green Convertible Senior Notes due 2030
  - Effective: 2023-04-03
  source text: On April 3, 2023, Stem, Inc. (the “Company”) sold to Morgan Stanley & Co. LLC and Evercore Group L.L.C., as initial purchasers (the “Initial Purchasers”), and the Initial Purchasers purchased from the Company, $240 million aggregate principal amount of the Company’s 4.25% Green Convertible Senior Notes due 2030 (the “Notes”), pursuant to a purchase agreement dated as of March 29, 2023, by and between the Company and the Initial Purchasers (the “Purchase Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758766/000175876623000054/0001758766-23-000054-index.htm

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