ChargePoint Holdings, Inc. completed a privately negotiated exchange of $329 million of its 2028 convertible senior notes on November 18, 2025, cutting its total outstanding debt by $172 million—more than 50 percent of the debt that had been due in 2028.
The exchange replaced the 2028 notes with a new senior secured loan that matures in 2030. The new loan carries a principal of $157 million, a discount of roughly $107 million, and is expected to lower annual interest expenses by about $10 million. The deal also eliminates an $82 million change‑of‑control premium that would have been payable on the original notes and includes warrants valued at approximately $10 million, exercisable for 1,671,000 shares at $25.00 per share.
Prior to the exchange, ChargePoint’s debt stood at roughly $340 million, with a $150 million revolving credit facility that remained undrawn. The company has faced significant cash burn and a negative EBITDA of nearly $198 million over the last twelve months, prompting concerns about its ability to meet debt obligations. The $172 million reduction brings the balance sheet debt down to about $168 million, improving the debt‑to‑equity ratio and providing a more sustainable capital structure.
Chief Financial Officer Mansi Khetani said the transaction “strengthens our financial foundation and provides flexibility to continue focusing on growth and profitability.” She added that the deleveraging action, captured at a significant discount, shifts enterprise value to shareholders and positions the company for future expansion.
The debt exchange is expected to enhance ChargePoint’s financial flexibility, allowing the firm to invest in product development and market expansion while reducing interest costs. By extending maturities to 2030 and eliminating the change‑of‑control premium, the company addresses long‑standing headwinds such as high cash burn and a declining stock price, positioning it for a more resilient growth trajectory.
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