New Issue: FuelCell upsized $100 million convertible yields 5.0%, up 16.2%

Nashville, Nov. 12 - FuelCell Energy Inc. sold an upsized $100 million of perpetual convertible preferreds with a 5.0% dividend and 16.2% initial conversion premium via bookrunner Citigroup Global Markets Inc.

The Rule 144A deal, upsized from $75 million, priced at the cheap end of guidance for a 4.5% to 5.0% dividend and in the middle area of a 15% to 20% initial conversion premium.

Danbury, Conn.-based FuelCell said proceeds would be used for product development and commercialization. The company is involved in carbonate fuel cell technology for stationary power generation. It is in the process of commercializing its core carbonate fuel cell products, called direct fuel cell power plants, and is beginning to develop solid oxide fuel cell technology.

Issuer:	FuelCell Energy Inc.
Issue:	Convertible perpetual preferreds
Bookrunner:	Citigroup Global Markets Inc.
Amount:	$100 million, up from $75 million
Greenshoe:	$35 million, down from $50 million
Maturity:	Perpetual
Dividend:	5.0%
Price:	Par
Yield:	5.0%
Conversion premium:	16.2%
Conversion price:	$11.75
Conversion ratio:	85.1064
Call:	Non-callable for 5 years, then company can force conversion if stock is 150% of conversion price
Dividend protection:	Yes
Takeover protection:	Yes
Price talk:	4.5%-5.0%, up 15-20%
Pricing date:	Nov. 11, after the close
Settlement date:	Nov. 17
Distribution:	Rule 144A

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