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Plug Power | 8-K: Plug Power Issues $140,396,000 Aggregate Principal Amount of 7.00% Convertible Senior Notes Due 2026

SEC announcement ·  Mar 27 04:21
Summary by Futu AI
On March 20, 2024, Plug Power Inc. completed a significant financial transaction involving the issuance of new debt securities. The company, based in Latham, New York, issued $140,396,000 in 7.00% Convertible Senior Notes due 2026 in exchange for $138,816,000 of its 3.75% Convertible Senior Notes due 2025, including accrued interest. This exchange resulted in the cancellation of the 2025 Notes. Following the transaction, approximately $58.5 million of the 2025 Notes remain outstanding. The new notes will pay interest semi-annually and are set to mature on June 1, 2026, unless converted or redeemed earlier. They rank senior to any subordinated debt and equal to other liabilities, but are junior to secured debt and structurally subordinated to liabilities of subsidiaries. The notes are convertible under certain conditions and may be redeemed by the company...Show More
On March 20, 2024, Plug Power Inc. completed a significant financial transaction involving the issuance of new debt securities. The company, based in Latham, New York, issued $140,396,000 in 7.00% Convertible Senior Notes due 2026 in exchange for $138,816,000 of its 3.75% Convertible Senior Notes due 2025, including accrued interest. This exchange resulted in the cancellation of the 2025 Notes. Following the transaction, approximately $58.5 million of the 2025 Notes remain outstanding. The new notes will pay interest semi-annually and are set to mature on June 1, 2026, unless converted or redeemed earlier. They rank senior to any subordinated debt and equal to other liabilities, but are junior to secured debt and structurally subordinated to liabilities of subsidiaries. The notes are convertible under certain conditions and may be redeemed by the company starting June 5, 2025. The offering and sale of the new notes were not registered under the Securities Act of 1933 and were made to qualified institutional buyers. Additionally, the company's board of directors underwent a reclassification to balance the number of directors across three classes, with Gary K. Willis resigning as a Class I Director and being immediately reappointed as a Class III Director, effective March 26, 2024.

This announcement is a separate document:

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