Capstone subsidiary makes offer for 6.75% convertible debentures

By Jennifer Chiou

New York, Oct. 29 - Capstone Infrastructure Corp. wholly owned subsidiary Renewable Energy Developers Inc. announced the start of its change-of-control offer for its 6.75% convertible unsecured subordinated debentures due Dec. 31, 2017.

The offer is in connection with the recently completed plan of arrangement under which Capstone acquired all of Renewable Energy Developers' outstanding common shares.

The subsidiary is offering 101% of par plus accrued interest for the $34.5 million aggregate principal amount of debentures.

The offer will end at 5 p.m. ET on Dec. 11.

According to a news release, if 90% or more of the debentures are tendered for purchase, Renewable Energy Developers will have the right to call the remaining securities.

Toronto-based Capstone, formerly Macquarie Power and Infrastructure Corp., maintains a portfolio of infrastructure businesses in Canada and internationally, including investments in gas cogeneration, wind, hydro and biomass power generating facilities.

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