Convertibles Calendar: Stem on tap

March 29

STEM INC.

• $175 million seven-year convertible notes

• $35 million greenshoe

• Coupon of 3.75% to 4.25% and initial conversion premium of 27.5% to 32.5%

• Non-callable until April 5, 2027 and then subject to a 130% hurdle

• Rule 144A

• Morgan Stanley & Co. LLC

• Proceeds to cover the cost of the call spread, to repurchase a portion of the company’s 0.5% green convertible notes due 2028 in privately negotiated transactions and for general corporate purposes

• San Francisco-based smart energy storage solutions company

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