Bloom Energy Stock Sinks Toward 1-year Low After Plans For $500 Million Convertible Notes Offering -- MarketWatch

MarketWatch · 05/11/2023 07:21

Shares of Bloom Energy Corp. (BE) dropped 5.9% toward a one-year low in premarket trading Thursday, after the electricity and hydrogen generator announced plans to privately offer $500 million in senior notes, which will be convertible to cash and common stock. The company plans to use a portion of the proceeds from the offering to redeem all of the $57.5 million outstanding principal amount of its 10.25% notes due 2027. The pricing of the 2028 notes has not yet been determined. As of March 31, the company had total debt of $409.2 million. The stock has sunk 36.8% over the past three months, while the Global X Hydrogen exchange-traded fund (HYDR) has dropped 29.2% and the S&P 500 has gained 1.2%.

-Tomi Kilgore

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May 11, 2023 07:21 ET (11:21 GMT)

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