Five-year 5% subordinated convertible debt sold to Retailco via deal
By Devika Patel
Knoxville, Tenn., Aug. 4 – Spark Energy, Inc. sold a $5 million 5% subordinated convertible note to Retailco Acquisition Co, LLC at par on July 31, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on July 31, 2020, and is convertible into common stock at $14.00 per share, a 13.64% discount to the July 30 closing share price of $16.21. It may be prepaid, and the company may force conversion.
The retail energy services company is based in Houston.
| Issuer: | Spark Energy, Inc.
|
| Issue: | Subordinated convertible note
|
| Amount: | $5 million
|
| Maturity: | July 31, 2020
|
| Coupon: | 5%
|
| Price: | Par
|
| Conversion price: | $14.00
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Retailco Acquisition Co, LLC
|
| Settlement date: | July 31
|
| Stock symbol: | Nasdaq: SPKE
|
| Stock price: | $16.21 at close July 30
|
| Market capitalization: | $47.32 million
|
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