By Devika Patel
Knoxville, Tenn., June 19 - A-Power Energy Generation Systems, Ltd. arranged a $40 million private placement of 3% five-year senior convertible notes on June 18, according to a 6-K filed Friday with the Securities and Exchange Commission.
The notes' interest will be increased each year, to a maximum of 12%. They have an initial conversion price of $10.637.
The company may redeem the notes at 110, plus interest, beginning Nov. 19, 2011, if the market price of its shares is at least 200% of the then-applicable conversion price for 20 consecutive trading days.
The notes will accompanied by warrants for 1,504,184 common shares, which are exercisable at $10.637 per share for five years,
Proceeds will be used for production capacity expansion, research and development enhancement and general corporate purposes.
A-Power Energy, based in Shenyang, China, is a provider of distributed power generation systems and a manufacturer of wind turbines.
| Issuer: | A-Power Energy Generation Systems, Ltd.
|
| Issue: | Senior convertible notes
|
| Amount: | $40 million
|
| Maturity: | Five years
|
| Coupon: | Variable, cap of 12%; initially 3%
|
| Price: | Par
|
| Yield: | Variable
|
| Conversion price: | $10.637
|
| Warrants: | For 1,504,184 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $10.637
|
| Pricing date: | June 18
|
| Stock symbol: | Nasdaq: APWR
|
| Stock price: | $9.67 at close June 18
|
| Market capitalization: | $282 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
