Milbank Represents Underwriters in $124M Common Stock Offering by Plug Power Inc.

Milbank, Tweed, Hadley & McCloy advised the underwriters in the $124 million common stock offering by fuel cell systems manufacturer Plug Power Inc. (NASDAQ:PLUG).

Plug Power’s offering was comprised of 22.6 million shares of its common stock. The offering is the largest in Plug Power’s history.

New York-based Global Securities partner James Ball led the Milbank team representing the underwriters, which included Morgan Stanley & Co. LLC and Barclays Capital Inc. The transaction closed on April 30, 2014.

New York based Plug Power intends to use the offering proceeds for general corporate purposes, including capital expenditures and potential acquisitions.

Mr. Ball said, “The offering, which was upsized significantly, reflected investor confidence in Plug Power’s order book and strong customer base. It also clearly establishes renewed investor appetite in the renewable sector.”

In addition to Mr. Ball, Milbank attorneys representing the underwriters included Global Securities associates Sam Badawi, Trevor Truman, Okeoma Moronu and Matthew Kusel, Tax partner Andrew Walker and associate Erika Hauser, Global Corporate of counsel Matthew Ahrens and Intellectual Property partner Lawrence Kass.