Plug Power Is Shaking Up Its Existing Convertible Note Deals

Shares of Plug Power (NASDAQ:PLUG) stock are in the spotlight after the company released a Form 8-K detailing a note exchange. On March 12, Plug entered into privately negotiated exchange agreements with some owners of its 3.75% convertible senior notes due in 2025. In exchange for $138.81 million of the 2025 notes, Plug will provide the holders with $140.39 million of its new 7% convertible senior notes due in 2026. In the 8-K Plug stated:“The conversion rate for the New Notes will initially be 235.4049 sh ...