A-Power investors swap $37.54 million of convertible debt for shares

By Devika Patel

Knoxville, Tenn., Dec. 31 - A-Power Energy Generation Systems, Ltd. said it has signed conversion agreements with the holders of its convertible notes, which were issued in a June 19, 2009 private placement.

The noteholders have agreed to convert the $37.54 million outstanding principal and accrued interest into 4,582,559 common shares at a conversion price of $10.212, which is 96% of the original conversion price of $10.637.

"We are pleased that the holders of these convertible notes have elected to convert their notes in full," A-Power chief executive officer Jinxiang Lu said in a press release. "As a result of this conversion of the convertible notes, the company strengthens its balance sheet by replacing debt with equity"

A-Power Energy, based in Shenyang, China, is a provider of distributed power generation systems and a manufacturer of wind turbines.

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