Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A offering by Plug Power Inc. of $200 million aggregate principal amount of its 3.750% convertible senior notes due 2025. In addition, Davis Polk advised counterparties to capped call transactions and prepaid forward amendment in connection with the offering.

Plug Power designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment. The company offers its products globally to retail, grocery and institutional food distribution centers, as well as manufacturing facilities. Plug Power’s common stock is listed on the Nasdaq Capital Market under the symbol “PLUG.”

The Davis Polk corporate team included partner Richard D. Truesdell Jr. and associate Heita Miki. The tax team included partner Po Sit and associate Tomislava Dragicevic. Counsel Loyti Cheng and associate Cristina Harshman provided environmental advice. The equity derivatives team included partner John M. Brandow, associates Katharine O’Banion, Crystal Chi and Danielle Forni. All members of the Davis Polk team are based in the New York office.