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Plug Power, Inc. (NASDAQ:PLUG) shares are falling on Wednesday.
In an exchange filing, the company said it has entered into agreements to exchange existing notes for new convertible senior notes. The new notes mature in 2026 and bear interest at 7% annually (with $138.8 million in principal amount of the old notes).
The company said it entered into a separate, privately negotiated deal with certain holders of the company's outstanding 3.75% convertible senior notes due 2025.
Following the closing of the exchange transactions, which is expected to occur on or about March 20, 2024, subject to customary closing conditions, approximately $58.5 million in aggregate principal amount of the existing notes will remain outstanding with terms unchanged.
“The New Notes will bear cash interest at the rate of 7.00% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024, to holders of record at the close of business on the preceding May 15 and November 15, respectively,” the company said.
The new notes will mature on June 1, 2026, unless earlier converted or redeemed or repurchased by the company.
Earlier this month, the company reported fiscal 2023 net revenue growth of 27.1% year-over-year to $891.234 million, missing the consensus of $900.29 million. Net loss per share was $(2.30), below the consensus of $(1.61).
PLUG held cash and equivalents of $1.169 billion as of December 31, 2023.
Price Action: PLUG shares are trading lower by 4.52% to $3.38 on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: PLUG
