Plug Power (PLUG) shares rose sharply in early Monday trading after the hydrogen fuel cell company said it has secured a new credit facility with Yorkville Advisors and projected that its Q1 and Q2 revenue will be in line with consensus forecasts.
The new facility provides up to $525 million in borrowing capacity through the issuance of secured debentures over several tranches. Plug Power said it will use $82.5 million from the initial tranche to retire the majority of its convertible debentures now outstanding with Yorkville, reducing the potential for dilution had the debentures been converted into common shares.
Plug Power said it expects to report Q1 revenue of $130 million to $134 million and Q2 revenue of $140 million to $180 million. Analysts polled by FactSet are expecting revenue of $131.8 million in Q1 and $161.7 million in Q2.
The company also said cost reduction initiatives undertaken in Q1 are expected to cut annual expenses by more than $200 million.
Plug Power shares were more than 41% higher in recent trading.
Price: 1.16, Change: +0.35, Percent Change: +42.93
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