Plug Power (NASDAQ:PLUG) Blasts Up after New Convertible Note Offering Steve Anderson Mar 27, 2024
It’s not always a good day when a stock offers new convertible notes. But today, it was fantastic news for green hydrogen stock Plug Power (NASDAQ:PLUG), who offered up a new pile of convertible senior notes amid the cheers of shareholders. In turn, shareholders sent Plug Power shares blasting up over 8.5% in Wednesday afternoon’s trading. More specifically, Plug Power brought out $140.4 million worth of convertible senior notes at a 7% rate, which will come due in 2026. The new notes were almost a straight exchange for a previous set, a $138.8 million block of notes due 2025, but at a rate of 3.75%. That included accrued and unpaid interest so far, and the relevant 2025 notes were canceled after the new notes were issued.
However, not all of the old notes were canceled, as about $58.5 million of the 2025 notes were left untouched by this new development. While the interest rate has increased significantly—it’s actually doubled—Plug Power now has an extra year to work with.
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