Clean Energy Fuels buys $14.2 million 5.25% convertibles at discount

By Susanna Moon

Chicago, Nov. 14 – Clean Energy Fuels Corp. purchased $14.2 million principal amount of its 5.25% convertible senior notes due 2018 on Nov. 10 for a purchase price of $12.3 million, according to an 8-K filing with the Securities and Exchange Commission.

The company’s board of directors has approved using up to $50 million to opportunistically buy back its 5.25% convertibles in the open market.

Since Jan. 1, 2016, the company has purchased $59.6 million principal amount of 5.25% convertibles for an aggregate of $37.2 million of cash plus accrued interest.

In addition, the company has issued 6,265,829 shares of common stock in exchange for $25 million of the 5.25% convertibles under a privately negotiated exchange agreement with holders.

Clean Energy Fuels is a Newport Beach, Calif., provider of natural gas fuel for transportation.

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