Microgy extends put option on series 2008 bonds issued in California

By Angela McDaniels

Tacoma, Wash., Oct. 13 - Microgy Holdings, LLC and the holders of $62.425 million of its tax-exempt bonds agreed to extend the put option on the bonds to Oct. 23, according to an 8-K filing with the Securities and Exchange Commission.

The series 2008 environmental facilities revenue bonds were issued through the California Statewide Communities Development Authority.

The option may now be exercised until Oct. 23 instead of Sept. 30, and the date on which parent company Environmental Power Corp. would be required to pay costs associated with the put has been extended to Nov. 6 from Oct. 15.

According to the filing, the parties deemed it in their mutual best interests to extend again the period of time during which the put option may be exercised in light of current capital-raising activities.

The bonds became putable at par plus accrued interest because some conditions in the loan agreement were not met by June 30. The option was originally scheduled to expire Aug. 31 and has been extended a number of times.

Environmental Power is based in Tarrytown, N.Y.

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