Microgy extends put option on series 2008 bonds issued in California

By Jennifer Chiou

New York, Sept. 16 - Microgy Holdings, LLC, parent company Environmental Power Corp. and trustee Wells Fargo Bank, NA along with holders of Microgy's $62.425 million of tax-exempt bonds entered into a second amendment to the demand purchase agreement to extend the put option on the securities, 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 Sept. 30. In addition, the date on which Environmental Power would be required to pay costs associated with the put has been prolonged to 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.

Previously, holders could only put back their bonds at par plus accrued interest prior to Aug. 31.

Environmental Power is based in Tarrytown, N.Y.

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