By Marisa Wong
Los Angeles, July 7 – e2 Cos. announced that its initial private placement bond offering, e2c ESA Bond 1, LLC, has been fully subscribed. The offering raised $100 million, according to a press release.
The e2c ESA Bond 1 offering was initially launched in June 2020 with an intent to raise $25 million from accredited investors and was expanded to $100 million as demand for the bond offering quickly expanded.
Proceeds will be used to fund the company’s ongoing development of equipment and engineering costs for identified installations backed by energy service agreements for the company’s disruptive energy technology, such as its patented R3Di system, which provides resiliency and reliability to utilities, commercial and industrial customers.
The offering included 7% series A senior secured bonds with a three-year maturity and 9% series B senior secured bonds with a five-year maturity.
Interest payments are funded by the contractual agreements on the systems and services for the energy users, while principal payments are secured by the contracts and assets of e2.
The bonds are under an indenture that contractually specifies covenants designed to stipulate reserve requirements and restrict the company’s ability to incur third party indebtedness. The indenture requires e2 to meet these covenants and to fulfill their obligation.
UMB Bank is the trustee.
e2 is a Bonita Springs, Fla., provider of comprehensive energy solutions and services.
| Issuer: | e2 Cos.
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| Issue: | Senior secured bonds (e2c ESA Bond 1, LLC)
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| Amount: | $100 million
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| Trustee: | UMB Bank
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| Announcement date: | July 7
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| Distribution: | Private placement
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| Series A bonds
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| Maturity: | Three years
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| Coupon: | 7%
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| Series B bonds
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| Maturity: | Five years
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| Coupon: | 9%
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