Plug Power plunges after $375 mln convertible bond sale
Plug Power's PLUG.O shares down 16.8% premarket to $1.78, a two-month low, after hydrogen fuel cell maker raises capital to refinance debt
Slingerlands, New York-based PLUG late Tues announced pricing private offering of $375 mln 6.75% 8-year convertible bonds (CBs) at 95% face value
Initial conversion price set at $3, which is 40% above stock's last close of $2.14
Co plans to use ~$246 mln of net proceeds to fully repay outstanding principal amount of its 15% secured debentures, and the related termination fee
It expects to use ~$102 mln of proceeds and cash on hand to fund repurchase of ~$138 mln of its existing 7% CBs due 2026, among other purposes
Through Tues close, PLUG shares shed 37% over the past month, leaving them up 0.5% YTD for $3 bln market cap
On Oct 7, PLUG appointed insider Jose Luis Crespo as next CEO, succeeding longtime leader Andy Marsh
Avg rating among 25 analysts is "hold" and median PT is $2.50, per LSEG data
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