By Devika Patel
Knoxville, Tenn., Feb. 2 - GreenHunter Energy, Inc. said it has raised $5 million so far in a private placement of series B senior secured redeemable debentures. The deal priced for $20 million on July 10.
The five-year debentures are convertible into common stock. The coupon was priced at 8% but the company said Monday that the debentures now have a 9% interest rate.
Grapevine, Texas-based GreenHunter Energy is focused on the renewable energy sectors of wind, solar, biofuels and biomass power plants.
| Issuer: | GreenHunter Energy, Inc.
|
| Issue: | Series B senior secured redeemable convertible debentures
|
| Amount: | $20 million
|
| Maturity: | Five years
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Warrants: | No
|
| Pricing date: | July 10
|
| Settlement date: | Feb. 2 (for $5 million)
|
| Stock symbol: | Amex: GRH
|
| Stock price: | $12.68 at close July 9
|
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