Plug Power Inc. announced the initial closing of its previously announced $525 million secured term loan facility with Yorkville Advisors. The initial tranche, totaling $210 million in aggregate principal amount, was successfully drawn and funded.
Concurrent with establishing this facility, Plug Power retired $82.5 million of its existing convertible debenture principal. This move is expected to reduce potential future dilution associated with those debentures.
This closing provides immediate liquidity and strengthens Plug Power's financial position, supporting its operational needs and growth initiatives. The company continues to focus on disciplined capital management and its path to profitability.
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