Transeastern gets waivers for convertibles, OK to swap with units

By Susanna Moon

Chicago, Dec. 12 – Transeastern Power Trust said it secured holder consents to waive defaults for interest due on its initial series and second series of 7.5% convertible unsecured subordinated debentures due May 28, 2019.

Under the supplemental indentures, if the trust closes at least C$1 million of equity financings before the convertibles mature, it may redeem some or all of the series 1 debentures and series 2 debentures by issuing units.

The aggregate principal amount plus accrued interest for the series 1 debentures and series 2 debentures to be redeemed is about C$34.5 million, according to a press release.

Transeastern said it plans to raise up to C$40 million with a 25% greenshoe in a best-efforts private placement offering of up to 83,333,333 units at a price of C$0.48 each.

The deal is expected to close in early January and concurrently with the closing, the trust said it expects to change its name to Blockchain Power Trust.

Transeastern is an investment trust with renewable energy assets in Romania, Europe and other countries.

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