Latham & Watkins represented the initial purchasers in the offering.
Stem, Inc. executed its US$400 million aggregate principal amount of 0.50% Green Convertible Senior Notes due 2028 in a private offering, which was upsized from the previously announced US$350 million offering, to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. 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 US$60 million aggregate principal amount of the Notes on the same terms and conditions.
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and Barclays Capital Inc. acted as initial purchasers for the offering.
Stem is a company that provides advanced energy storage solutions alongside its AI-powered analytics platform to enable customers and partners to optimize energy use by automatically switching between battery power, onsite generation, and grid power.
Latham & Watkins represented the initial purchasers in the offering with a capital markets team led by New York/Los Angeles partner Greg Rodgers (Picture), Century City partner Brent Epstein, and New York partner Reza Mojtabaee-Zamani, with New York associates Danny Shulman, Jack Neff, Christopher Yu, Paul Lau, Shawn Noh, and Yi Wei and Los Angeles associate Olivia Pettingill.
Involved fees earner: Brent Epstein – Latham & Watkins; Reza Mojtabaee-Zamani – Latham & Watkins; Jack Neff – Latham & Watkins; Sang Hyun Noh – Latham & Watkins; Gregory Rodgers – Latham & Watkins; Danny Shulman – Latham & Watkins; Christopher Yu – Latham & Watkins;
Law Firms: Latham & Watkins;