STEM - Stem proposes $175M green convertible senior notes offering

2023-03-29 07:38:43 ET

• Stem ( NYSE: STEM ) plans to sell $175M aggregate principal amount of green Convertible Senior Notes due 2030 to institutional buyers in a private offering .
• The notes will accrue interest payable semi-annually in arrears and will mature on April 1, 2030. They will be redeemable, in whole or in part, for cash at Stem’s option at any time, and from time to time, on or after April 5, 2027.
• Initial purchasers will be granted an option to purchase, for settlement within a 13-day period from, and including, the date when the notes are first issued, up to an additional $35M of the notes on the same terms and conditions.
• Proceeds from the sale will be used to: purchase and surrender for cancellation a portion of Stem's 0.50% Green Convertible Senior Notes due 2028 in privately negotiated transactions concurrently with the pricing of the offering, to fund the cost of entering into the capped call transactions and for general corporate purposes.
• Shares of the energy storage network provider were down marginally premarket

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