FuelCell greenshoe exercised, raising convertible preferreds to $105.5 million

By Caroline Salls

Pittsburgh, Jan. 18 - FuelCell Energy Inc. said the underwriters of its recent offering of series B cumulative convertible perpetual preferred stock exercised $5.5 million of the $35 million greenshoe, bringing the size of the deal to $105.5 million.

The Danbury, Conn., company involved in carbonate fuel cell technology for stationary power generation originally priced $100 million of the securities after the close Nov. 11 to yield 5% with a 16.2% initial conversion premium.

Citigroup Global Markets Inc. was the bookrunner for the Rule 144A deal.

Proceeds will be used for product development and commercialization and general corporate purposes.

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