Plug Power (PLUG) provides update on notes issuance

On March 20, 2024, in connection with the consummation of previously announced private exchange transactions, Plug Power (NASDAQ: PLUG), issued $140,396,000 in aggregate principal amount of its 7.00% Convertible Senior Notes due 2026 (the “New Notes”) under an Indenture, dated March 20, 2024 (the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee.

The New Notes were issued in exchange for $138,816,000 in aggregate principal amount of the Company’s 3.75% Convertible Senior Notes due 2025 (the “2025 Notes”), and accrued and unpaid interest on such Existing Notes to, but excluding, March 20, 2024 (the “Exchange Transactions”), which 2025 Notes were promptly canceled upon exchange. Following the closing of the Exchange Transactions, approximately $58.5 million in aggregate principal amount of 2025 Notes remain outstanding with terms unchanged.

The New Notes bear interest at a rate of 7.00% per annum on the principal amount thereof, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024, to the holders of record of the New Notes as of the close of business on the immediately preceding May 15 and November 15, respectively. The New Notes will mature on June 1, 2026, unless earlier converted, redeemed or repurchased in accordance with their terms.

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