Hydrogen focused Plug Power to offer USD 200m in convertible notes

Dollars in green. Author: 401(K) 2012.

May 13 (Renewables Now) - US hydrogen engines provider Plug Power Inc (NASDAQ:PLUG) today announced its intention to offer USD 200 million (EUR 185m) worth of convertible senior notes due 2025.

Plug Power plans to issue notes that will be convertible into cash, shares of Plug Power’s common stock or a combination thereof. Interest will be payable semi-annually in arrears and the exact rate will be determined upon pricing.

The initial purchasers will also receive a 13-day option to buy up to an additional USD 30 million aggregate principal amount of the notes.

The company said in a statement that it will use some of the net proceeds to pay the cost of certain capped call transactions and to fund the cash portion of the repurchase of part of its existing 5.50% convertible senior notes due 2023. The remainder of the proceeds will go towards financing “eligible green projects”.

Plug Power has set a goal of having over 50% of hydrogen to be green by 2024.

(USD 1.0 = EUR 0.924)

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