Plug Power Prices $375 Million Convertible Notes as Shares Fall 21%

Lower borrowing costs come with longer-dated debt at the price of potential dilution.

Overview

Notes carry a 6.75% coupon, mature on December 1, 2033, and were sold at 95% of face value to qualified institutional buyers.
Initial conversion terms equate to roughly $3.00 per share, implying about 125 million new shares at full conversion.
Expected net proceeds total about $347.2 million, with an option for purchasers to buy an additional $56.25 million within 13 days.
Plug Power plans to retire roughly $245.6 million of 15% secured debentures and repurchase about $138 million of 7% notes due 2026 using offering proceeds and cash on hand.
The new securities are general unsecured obligations with no company redemption before December 6, 2028 and a holder put right on December 6, 2029, with closing targeted around November 21, 2025.