Eos Energy Announces $458 Million Equity and $600 Million Convertible Notes Offerings

Davis Polk advised Eos Energy Enterprises, Inc. in connection with a registered equity offering and a Rule 144A convertible notes offering. The transaction comprised an SEC-registered direct offering of 35,855,647 shares of Eos Energy common stock and a Rule 144A offering of $600 million aggregate principal amount of 1.75% convertible senior notes due 2031, which included $75 million aggregate principal amount of notes issued pursuant to the full exercise by the initial purchasers of their option to purchase additional notes. Eos will use the aggregate proceeds from the offerings to repurchase $200 million principal amount of its 6.75% convertible senior notes due 2030 in privately negotiated transactions with a limited number of holders, and for general corporate purposes. Eos Energy, based in Edison, New Jersey, designs, manufactures and supplies zinc-based battery energy storage systems sourced and manufactured in the United States. Davis Polk represented client(s) Eos Energy Enterprises, Inc. with a team composed by: capital markets team — partner Roshni Banker Cariello and associate Steven Glendon; equity derivatives team — partner Mark J. DiFiore and associates Danielle Forni and Chanique C. Vassell; tax advice — partner Lucy W. Farr and associate Georgianna Eck; intellectual property advice — partner Pritesh P. Shah and associate Lachlan J. Forrester; environmental advice — counsel David A. Zilberberg. All members of the Davis Polk team are based in the New York office.

Eos Energy Announces $458 Million Equity and $600 Million Convertible Notes Offerings

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