Plug has signed a definitive agreement for a secured debt facility with Yorkville Advisors providing for the issuance of up to $525M of secured debentures. The facility includes an initial $210M tranche, which will be fully funded at the initial closing and additional tranches of up to $315M. The initial tranche is expected to close on or around May 2, 2025. With the net proceeds from the initial tranche, Plug intends to use approximately $82.5M to retire the majority of its existing convertible debenture principal outstanding with Yorkville, which has approximately 55M associated underlying shares given the conversion price and therefore this refinancing will reduce potential dilution.
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