Plug Power (PLUG) Stock: Convertible Notes Offering Triggers Sharp Selloff

TLDR Plug Power issued $375 million in convertible notes at 6.75% interest, maturing in 2033 The financing will retire $245.6 million in 15% secured debt and repurchase $138 million of 7% notes due 2026 Notes convert at $3.00 per share, a 40% premium to the November 18 closing price of $2.14 Investors pushed shares down [...]

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