Latham & Watkins Advises on Stem, Inc.’s Upsized Offering of US$200 Million Green Convertible Senior Notes Offering

Stem, Inc. (Stem) (NYSE: STEM), a company that provides clean energy solutions and services designed to maximize the economic, environmental, and resiliency value of energy assets and portfolios, has announced the pricing of US$200 million aggregate principal amount of 4.25% Green Convertible Senior Notes due 2030 in a private offering, which was upsized from the previously announced US$175 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$40 million aggregate principal amount of the Notes on the same terms and conditions. The sale of the Notes to the initial purchasers is expected to settle on April 3, 2023, subject to customary closing conditions.

Latham & Watkins LLP represents the initial purchasers in the offering with a capital markets team led by partners Greg Rodgers, Brent Epstein, and Reza Mojtabaee-Zamani, with associates Danny Shulman, Jack Neff, Paul Lau, Shawn Noh, Hera Liao, Karysa Norris, and Yi Wei. Advice was also provided on tax matters by partner Bora Bozkurt, with associate Michael Yu.