Plug Power Inc., a global leader in comprehensive hydrogen solutions, announced it has signed a definitive agreement for a secured debt facility and achieved key operational and financial milestones that support its path toward profitability and long-term growth.
Plug has signed a definitive agreement for a secured debt facility with Yorkville Advisors providing for the issuance of up to $525 million of secured debentures. The facility includes an initial $210 million tranche, which will be fully funded at the initial closing and additional tranches of up to $315 million. The initial tranche is expected to close on or around May 2, 2025. With the net proceeds from the initial tranche, Plug intends to use approximately $82.5 million to retire the majority of its existing convertible debenture principal outstanding with Yorkville, which has approximately 55 million associated underlying shares given the conversion price and therefore this refinancing will reduce potential dilution.
Photo of Plug (for illustrating purposes)
Describe more in press release https://tinyurl.com/yc5895pc
