Bloom Energy plunges on planned convertible senior notes offering

Bloom Energy (NYSE:BE) -6.5% pre-market Thursday, on track to open at its lowest in nearly a year, after unveiling plans to offer $500M in senior notes convertible to cash and common stock, with an underwriters option to purchase up to an additional $75M principal amount of notes.

Bloom (BE) said it plans to use part of the proceeds to redeem all of the $57.6M outstanding principal amount of its 10.25% senior secured notes due 2027, and for general corporate purposes.

After Wednesday's close, Bloom (BE) reported a Q1 adjusted loss while revenues rose 37% Y/Y to $275M, a quarterly company record.

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