Company sells 54-month 9% notes to Cartesian Capital through financing
By Devika Patel
Knoxville, Tenn., Jan. 11 – Westport Innovations Inc. said it will raise C$17.5 million in a private placement of convertible debenture notes with Cartesian Capital Group as part of a larger financing with the investor for up to C$71.3 million to support growth.
The 9% notes are due in 54 months and are convertible into common shares at C$2.31 per share, a 6.94% premium to the Jan. 8 closing share price of C$2.16.
Proceeds will be used to help fund the company’s capital program and for general corporate purposes.
Vancouver, B.C.-based Westport Innovations makes natural gas engines and vehicles.
| Issuer: | Westport Innovations Inc.
|
| Issue: | Convertible debenture notes
|
| Amount: | C$17.5 million
|
| Maturity: | 54 months
|
| Coupon: | 9%
|
| Conversion price: | C$2.31
|
| Warrants: | No
|
| Investor: | Cartesian Capital Group
|
| Pricing date: | Jan. 11
|
| Stock symbol: | Toronto: WPT
|
| Stock price: | C$2.16 at close Jan. 8
|
| Market capitalization: | C$138.03 million
|
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