Proceeds to be used for growth capital and general corporate purposes
By Devika Patel
Knoxville, Tenn., March 22 - FuelCell Energy, Inc. said it priced a $30 million public offering of stock with a $4.5 million greenshoe. The offering was announced Wednesday.
The company will sell 20 million common shares at $1.50 per share. The price per share reflects a 14.77% discount to the March 21 closing share price of $1.76.
Lazard Capital Markets LLC is the bookrunner.
Stifel Nicolaus Weisel is the co-lead manager, and FBR Capital Markets & Co. is the co-manager.
Settlement is expected March 27.
Proceeds will be used for growth capital and general corporate purposes.
FuelCell is based in Danbury, Conn., and produces carbonate fuel cell technology for stationary power generation.
| Issuer: | FuelCell Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $30 million
|
| Greenshoe: | $4.5 million
|
| Shares: | 20 million
|
| Price: | $1.50
|
| Warrants: | No
|
| Bookrunner: | Lazard Capital Markets LLC
|
| Co-lead manager: | Stifel Nicolaus Weisel
|
| Co-manager: | FBR Capital Markets & Co.
|
| Announcement date: | March 21
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Stock symbol: | Nasdaq: FCEL
|
| Stock price: | $1.76 at close March 19
|
| Market capitalization: | $221.45 million
|
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