03:51 AM EST, 11/19/2025 (MT Newswires) -- Plug Power ( PLUG ) said late Tuesday it has priced a private offering of $375 million principal amount of 6.75% convertible senior notes due 2033 at 95% of par value.

The initial purchasers have been granted a 13-day option to purchase up to $56.3 million additional amount of notes.

The notes will be convertible at an initial rate of $3 per share.

Net proceeds, estimated to be about $347.2 million to $399.4 million, will be used to repay debts, including the company's 15.00% secured debentures and 7.00% convertible senior notes due 2026, the company said.

Closing of the sale is expected to occur on Nov. 21, subject to customary closing conditions.

The company has also entered into negotiated transactions to repurchase $138 million principal amount of its 2026 notes for $154 million, it said.