Plug Power (PLUG) announced the initial closing of its previously announced $525 million secured term loan facility with Yorkville Advisors. The initial tranche in an aggregate principal amount of $210 million was drawn and funded. Commensurate with establishing this facility, the company has retired $82.5 million in aggregate principal of the existing convertible debenture with Yorkville Advisors, which had approximately 55 million associated underlying shares given the conversion price, and therefore this refinancing has reduced potential dilution. The transaction enhances Plug’s liquidity position and provides the company with additional financial flexibility as it continues to scale its green hydrogen network and drive toward profitability.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PLUG:
- PLUG Upcoming Earnings Report: What to Expect?
- Plug Power’s Strategic Financial Maneuvers and Operational Progress Justify Buy Rating
- Plug Power actions should bring stronger business, says H.C. Wainwright
- Plug Power’s Strategic Financial Maneuvers and Growth Prospects Justify Buy Rating
- Amazon sellers pull away from Prime Day, IBM to invest in U.S.: Morning Buzz