Summary by Futu AI
On March 12, 2024, Plug Power Inc., a leader in alternative energy technology, announced the initiation of exchange agreements with certain holders of its 3.75% Convertible Senior Notes due 2025. The exchange will involve $138,816,000 in aggregate principal amount of the existing notes, plus accrued interest, for $140,396,000 in aggregate principal amount of new 7.00% Convertible Senior Notes due 2026. This strategic financial maneuver, known as the Exchange Transactions, is set to close on or about March 20, 2024, subject to customary closing conditions. After the exchange, approximately $58.5 million in aggregate principal amount of the existing notes will remain outstanding. The new notes will be senior, unsecured obligations of Plug Power, bearing interest at 7.00% per annum, with semi-annual payments starting June 1, 2024. The conversion rate for the new notes is...Show More