STEM - Stem to raise $350M in green convertible senior notes offering

Stem (NYSE:STEM) trades 7.1% down after hours on planning to offer $350M principal amount of green Convertible Senior Notes due 2028 in a private offering. Initial purchasers granted 13-day option to purchase up to an additional $52.5M principal amount of the notes. The notes will accrue interest payable semi-annually in arrears and will mature on Dec.1, 2028. Net proceeds to be used partially for funding the cost of entering into the capped call transactions; intends to allocate an amount equivalent to the net proceeds to finance or refinance, in whole or in part, existing or new Eligible Green Expenditures of Stem, including investments related to creating a more resilient clean energy system, optimized software capabilities for energy systems, and reducing waste through operations.

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Stem to raise $350M in green convertible senior notes offering