![]() The Notes will be convertible upon the satisfaction of specified conditions into cash, shares of common stock of Stem or a combination thereof, with the form of consideration to be determined at Stem's election. The Notes will be convertible based on an initial conversion rate of 140.3066 shares of Stem's common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $7.13 per share of common stock, which represents a conversion premium of approximately 27.50% to the last reported sale price of Stem's common stock on The New York Stock Exchange (the "NYSE") on March 29, 2023). The Notes will accrue interest payable semi-annually in arrears and will mature on April 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. When issued, the Notes will be senior, unsecured obligations of Stem. The sale of the Notes to the initial purchasers is expected to settle on April 3, 2023, subject to customary closing conditions. In connection with the Offering, Stem has granted the initial purchasers of the Notes 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 $40 million aggregate principal amount of the Notes on the same terms and conditions. ![]() ("Stem") (NYSE: STEM) announced today the pricing of $200 million aggregate principal amount of 4.25% Green Convertible Senior Notes due 2030 (the "Notes") in a private offering (the "Offering"), which was upsized from the previously announced $175 million offering, to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").
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