American DG holders convert 8% debentures due 2011 before redemption

By Devika Patel

Knoxville, Tenn., March 2 - American DG Energy Inc. said all holders of its $5.32 million 8% senior convertible debentures due 2011 elected to convert their convertibles into common shares at $0.84 per share.

The company announced a planned redemption of the debentures on Feb. 9.

"We are delighted that all holders converted their debentures into shares of common stock," the company's chief executive officer, John N. Hatsopoulos, said in a press release. "This conversion results in the elimination of all indebtedness of borrowed money from the balance sheet and eliminates approximately $425,600 of interest payments per year."

The company's stock (Amex: ADGE) closed at $2.85 on Tuesday.

Waltham, Mass.-based American DG Energy supplies low-cost energy through distributed power generating systems.

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