Plug Power (PLUG) has issued an update.
Plug Power Inc. has successfully completed a strategic financial maneuver by issuing $140.4 million of its 7.00% Convertible Senior Notes due in 2026, swapping out the older 3.75% Notes due in 2025. This savvy exchange not only adjusted the interest terms but also left approximately $58.5 million of the 2025 Notes still in play. Investors are enticed with the option to convert these new notes into shares, subject to certain conditions, offering an initial conversion price around $4.25 per share. This move fortifies Plug Power’s financial positioning and offers potential upside to note holders, while the detailed terms ensure a structured hierarchy of repayment priorities.
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