• Eos

  Participated · Series C · May 2015

  Eos Energy Enterprises recently completed a significant recapitalization to strengthen its financial position. Although the article does not detail the company’s product line, it highlights two capital raises that together brought in roughly $1.04 billion in gross proceeds. The company issued $600 million in 1.75 % senior convertible notes due 2031, netting about $580.5 million after expenses. Concurrently, Eos executed a registered direct sale of 35.9 million common shares at $12.78 each, generating approximately $458.2 million. Management applied $200 million of the proceeds to repurchase higher-coupon 6.75 % convertible notes due 2030, while adding roughly $474 million in cash to the balance sheet. As part of the transactions, Eos granted the U.S. Department of Energy a warrant to purchase up to 570,000 shares, providing an additional potential source of future capital. These moves collectively reduce interest expense, extend maturities, and leave the company with enhanced liquidity for ongoing operations and growth initiatives.

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