Company sells 8% five-year subordinated notes to Bison Capital
By Devika Patel
Knoxville, Tenn., March 31 – Lime Energy Co. settled an $11.75 million private placement of 8% subordinated convertible notes with Bison Capital Partners IV, LP on March 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on March 24, 2020 and is convertible into common shares at an initial conversion price of $3.16 per share, which is a 12.06% premium to the March 23 closing share price of $2.82.
Proceeds were used to acquire EnerPath International Holding Co.
Based in Huntersville, N.C., Lime Energy is an energy technology and engineering company.
| Issuer: | Lime Energy Co.
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| Issue: | Subordinated convertible note
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| Amount: | $11.75 million
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| Maturity: | March 24, 2020
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| Coupon: | 8%
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| Conversion price: | $3.16
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| Conversion premium: | 12.06%
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| Warrants: | No
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| Investor: | Bison Capital Partners IV, LP
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| Settlement date: | March 24
|
| Stock symbol: | Nasdaq: LIME
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| Stock price: | $2.82 at close March 23
|
| Market capitalization: | $13.86 million
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