By Sheri Kasprzak
Atlanta, March 3 - Turbo Genset Inc. said it has closed a private placement of convertible notes for £7,134,000.
The company sold convertible notes with a five-year term to institutional and other arms-length investors. The notes bear interest at 6.5% annually and are convertible into a total of 59,450,000 common shares at 12p each.
The investors also received warrants for 6,242,250 shares at 15p each for five years.
The deal is scheduled to close March 9.
Turbo Genset, based in London, makes magnet, high-speed and variable-speed turbine engines for use in power generation. The proceeds from the private placement will be used for working capital for the development and commercialization of the company's power-generation products and to support growth in its high-speed electrical machines and power electronics businesses.
| Issuer: | Turbo Genset Inc.
|
| Issue: | Convertible notes
|
| Amount: | £7,134,000
|
| Maturity: | Five years
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion price: | 12p
|
| Conversion ratio: | Into 59,450,000 shares
|
| Warrants: | For 6,242,250 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 15p
|
| Announcement date: | March 3
|
| Settlement date: | March 9
|
| Stock price: | 11.5p at close March 2
|
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