Eos Energy Enterprises, Inc. announced on May 30, 2025, the pricing of an upsized offering of $225,000,000 aggregate principal amount of 6.75% convertible senior notes due 2030. The offering size was increased from the previously announced $175,000,000, with initial purchasers having an option for an additional $25,000,000.
Concurrently, Eos priced an offering of 18,750,000 shares of common stock at $4.00 per share, with underwriters having a 30-day option for an additional 2,812,500 shares. The estimated net proceeds from the notes offering are $216,000,000, and from the common stock offering are $70,500,000.
Eos intends to use the combined net proceeds to repurchase the full $126 million aggregate principal amount of its 5%/6% Convertible Senior PIK Toggle Note due 2026 for approximately $131 million. Additionally, $50 million of outstanding borrowings under its credit agreement will be prepaid, which will decrease the PIK interest rate from 15% to 7% and waive financial covenants until 2027, significantly strengthening the company's balance sheet and reducing interest costs.
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