12:09 PM EST, 11/21/2025 (MT Newswires) -- Plug Power ( PLUG ) said Friday it closed a $431.3 million offering of 6.75% convertible notes due 2033.

The offering comprised $375 million of notes and the full exercise of an overallotment option by initial buyers to purchase an additional $56.3 million of the notes, the company said.

Net proceeds of $399.4 million will be used to close high-cost debt, refinance 2026 convertible notes, and eliminate the first lien previously held by the company's former debt provider, according to a statement.

Shares of Plug Power ( PLUG ) rose 3% in recent trading.

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