A total of $138.8 million aggregate principal amount of existing convertible senior notes were exchanged 

Davis Polk advised the underwriter in connection with the private exchange of $138.8 million aggregate principal amount of Plug Power Inc.’s existing convertible senior notes for $140.4 million aggregate principal amount of its new 7.00% convertible senior notes due 2026.

Plug Power is a provider of alternative energy technology focused on the design, development, commercialization and manufacturing of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Plug Power is based in Latham, New York.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr., counsel Judah Bareli and associate Joyce Kim. The equity derivatives team included partner Mark M. Mendez, counsel Katharine O’Banion and associate Melissa X. Estrada. All members of the Davis Polk team are based in the New York office.