Plug Power Nets $431 Million From Convertible Notes Offering
Plug Power Inc. has completed a $431.25 million convertible notes offering, with net proceeds of $399.4 million. This refinancing allows the company to retire high-cost debt, refinance 2026 notes, and eliminate a first lien. The new notes offer stable, long-term financing with a 6.75% interest rate and no amortization over eight years.
Plug Power Inc. has closed its previously announced offering of $375 million aggregate principal amount of 6.75% convertible notes due 2033, with the initial purchasers exercising their option to buy an additional $56.25 million, resulting in a total aggregate principal amount of $431.25 million. The company received approximately $399.4 million in net proceeds after deducting the initial purchasers’ discount and estimated offering expenses. The refinancing allows Plug Power to retire all remaining high-cost 15% debt, refinance its 2026 convertible notes, and eliminate the first lien previously held by its former debt provider. The new eight-year notes provide stable, long-duration financing with no required amortization over that period and an interest rate of 6.75%. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Plug Power Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: GNW9580452-en) on November 21, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT)
