04:25 PM EDT, 03/13/2024 (MT Newswires) -- Plug Power ( PLUG ) said Wednesday that selected investors holding $138.8 million in face value of the fuel-cell company's 3.75% convertible senior notes due 2025 have agreed to accept nearly $140.4 million of its new 7.00% convertible senior notes maturing 2026 in exchange for their existing convertible notes.

The exchange transactions are expected to close on March 20. The company said that about $58.5 million of the original notes will remain outstanding after the swap.

The new notes will have an initial conversion rate of $4.25 per share of common stock, or about 20% above Tuesday's closing price for Plug Power ( PLUG ) stock. The company's shares closed more than 5% lower during Wednesday's regular session.

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