04:30 AM EDT, 05/24/2024 (MT Newswires) -- Bloom Energy ( BE ) said Friday it priced a $350 million private offering of 3% green convertible senior notes due 2029 to qualified institutional buyers.

Initial purchasers have been granted a 13-day option to purchase up to an additional $52.5 million worth of notes.

The initial conversion rate is 47.9795 shares of class A stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of about $20.84 per share.

The offering, which was increased from $250 million, is expected to close May 29.

Net proceeds are estimated to be about $338.8 million, or roughly $389.7 million if the initial purchasers fully exercise their option. Bloom Energy ( BE ) plans to use about $141.8 million of the proceeds to repurchase $115 million of its 2.50% green convertible senior notes due 2025, and the remainder for general corporate purposes.

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