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Plug Power Inc. ("Plug Power") (NASDAQ:PLUG) today announced its intention to offer, subject to market conditions and other factors, $375 million aggregate principal amount of Convertible Senior Notes due 2033 (the "notes") in a private offering (the "offering") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Plug Power also expects to grant the initial purchaser of the notes a 13-day option to purchase up to an additional $56.25 million aggregate principal amount of the notes. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Plug Power intends to use approximately $243 million of the net proceeds from the offering to fully repay the outstanding principal amount of, plus accrued and unpaid interest on, its 15.00% secured debentures, and pay the related termination fee in connection therewith. Plug Power expects to use the remaining net proceeds from the offering, including any additional proceeds from the initial purchaser's exercise of its option to purchase additional notes, to fund the repurchase of all or a portion of Plug Power's existing 7.00% Convertible Senior Notes due 2026 (the "2026 notes") and for working capital and other general corporate purposes.
Posted In: PLUG
