PLUG POWER INC : Entry into a Material Definitive Agreement, Results of Operations and Financial Condition, Creation of a Direct Financial Obligation…
Item 1.01. Entry Into a Material Definitive Agreement
On May 6, 2020, Plug Power Inc. (the "Company") and its subsidiaries, EmergingPower Inc., a Delaware corporation, and Emergent Power Inc., a Delawarecorporation, entered into a Fifth Amendment (the "Amendment") to the Loan andSecurity Agreement, dated as of March 29, 2019, as amended (the "LoanAgreement") with Generate Lending, LLC, a Delaware limited liability company.The Amendment amends the Loan Agreement to, among other things, (i) provide foran incremental term loan (the "Incremental Term Loan") in the amount of $50million, (ii) provide for additional, uncommitted incremental term loans in anaggregate amount not to exceed $50 million, which may become available to theCompany in the lender's sole discretion, (iii) reduce the interest rate on allloans to 9.50% from 12.00% per annum, and (iv) extend the maturity date toOctober 31, 2025 from October 6, 2022. The Incremental Term Loan is secured bythe same collateral securing the existing term loan on a pari passu basis and issubject to all provisions of the Loan Agreement, including those relating toprepayment, repayment and acceleration of maturity, guarantees, and covenants,limitations and events of default. The $50 million Incremental Term Loan hasbeen fully funded.
The foregoing summary does not purport to be complete and is qualified in itsentirety by reference to the Amendment, a copy of which will be filed as anexhibit to the Company's Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2020 and incorporated by reference into this Item 1.01.
Item 2.02 Results of Operations and Financial Condition
On May 7, 2020, the Company released its financial results for the quarter endedMarch 31, 2020 by posting its First Quarter 2020 Shareholder Letter on itswebsite. The full text of the Shareholder Letter is furnished as Exhibit 99.1hereto and is incorporated by reference into this Item 2.02.
The information in this Item 2.02, including Exhibit 99.1 hereto, shall not bedeemed "filed" for purposes of Section 18 of the Securities Exchange Act of1934, as amended (the "Exchange Act"), or otherwise subject to the liabilitiesof that section, nor shall it be deemed incorporated by reference in any filingunder the Securities Act of 1933, as amended (the "Securities Act"), or theExchange Act, except as expressly set forth by specific reference in suchfiling.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under anOff-Balance Sheet Arrangement of a Registrant.
The information set forth under or incorporated by reference into Item 1.01 ofthis Current Report on Form 8-K is incorporated by reference into this Item2.03.
Item 7.01 Regulation FD Disclosure
The information set forth under or incorporated by reference into Item 2.02 ofthis Current Report on Form 8-K is incorporated by reference into this Item7.01.
On May 7, 2020, the Company issued a press release announcing its entry into theAmendment. A copy of the press release is furnished as Exhibit 99.2 hereto andincorporated by reference into this Item 7.01.
On May 7, 2020, the Company issued a press release announcing progress on theCompany's vertical integration strategy. A copy of the press release isfurnished as Exhibit 99.3 hereto and incorporated by reference into this Item7.01.
The information in this Item 7.01 shall not be deemed to be "filed" for purposesof Section 18 of the Exchange Act, or otherwise subject to the liability of thatsection, nor shall it be deemed incorporated by reference in any filing underthe Securities Act or the Exchange Act, except as expressly set forth byspecific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
Edgar Online, source Glimpses
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