By Devika Patel
Knoxville, Tenn., March 26 - Evergreen Energy, Inc. arranged a $15 million private placement of 10% senior secured convertible promissory notes due Dec. 20, 2009, according to a 10-K filed Monday with the Securities and Exchange Commission.
The notes will be sold in three tranches of $5 million. The first $5 million tranche settled on March 20. The second $5 million tranche is expected to be completed on April 3.
The notes will be convertible into shares at $3.65 per share.
They may be prepaid at 105 if repaid by June 20, 110 if repaid after June 20 but before Sept. 20 and 115 after that.
Rodman & Renshaw, LLC is the agent.
Evergreen Energy, based in Denver, refines coal into a cleaner solid fuel.
| Issuer: | Evergreen Energy, Inc.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $15 million
|
| Maturity: | Dec. 20, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $3.65
|
| Warrants: | No
|
| Agent: | Rodman & Renshaw, LLC
|
| Announcement date: | March 26
|
| Settlement date: | March 20 (for $5 million), April 3 (for $5 million)
|
| Stock symbol: | NYSE: EEE
|
| Stock price: | $1.16 at close March 26
|
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