Plug Power Inc (NASDAQ:PLUG) is trading marginally lower at around $1.85 Friday morning after a volatile week sparked by the fuel-cell maker's latest financing move. Earlier in the week the company unveiled a $375 million private offering of convertible senior notes due 2033, with an option for initial purchasers to buy an additional $56.25 million.
What To Know: Plug plans to use about $243 million of the proceeds to retire costly 15% secured debentures and repurchase a portion of its 7% 2026 convertible notes, while also bolstering working capital. The refinancing carries a 6.75% coupon and is unsecured, a shift that is expected to save roughly $20 million per year in interest and free up assets previously pledged as collateral.
