By Rebecca Melvin
New York, June 20 - FuelCell Energy Inc. priced $38 million of five-year convertible senior notes at par to yield 8% with an initial conversion premium of 14%, according to a news release.
The registered deal was done privately via Lazard Capital Markets LLC as bookrunning manager and Stifel, Nicolaus & Co. as co-lead manager.
The bonds are non-callable with no puts. They are freely convertible and have voluntary conversion make-whole payments. There is takeover protection.
Proceeds are intended for working capital and general corporate purposes.
Danbury, Conn.-based FuelCell is a maker of fuel cells for commercial, industrial, government and utility customers.
| Issuer: | FuelCell Energy Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $38 million
|
| Maturity: | June 15, 2018
|
| Bookrunner: | Lazard Capital Markets LLC
|
| Co-lead manager: | Stifel Nicolaus & Co.
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion premium: | 14%
|
| Conversion price: | $1.55
|
| Conversion ratio: | 645.1613
|
| Call: | Non-callable
|
| Takeover protection: | Yes
|
| Pricing date: | June 19
|
| Settlement date: | June 25
|
| Distribution: | Registered
|
| Market capitalization: | $226.6 million
|
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