By Sheri Kasprzak
Atlanta, March 14 - Turbo Genset Inc. said it has closed an upsized private placement for £8 million.
The company sold convertible notes with a five-year term and 6.5% annual interest rate to institutional and arm's-length investors.
The notes are convertible into common shares at 12p each.
The investors also received warrants for 7 million shares at 15p each for five years.
The deal was originally announced March 3 as a £7,134,000 offering under the same terms.
Turbo Genset, based in London, makes magnet, high-speed and variable-speed turbine engines for use in power generation. The proceeds from the private placement will be used for working capital for the development and commercialization of the company's power-generation products and to support growth in its high-speed electrical machines and power electronics businesses.
| Issuer: | Turbo Genset Inc.
|
| Issue: | Convertible notes
|
| Amount: | £8 million
|
| Maturity: | Five years
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion price: | 12p
|
| Warrants: | For 7 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 15p
|
| Announcement date: | March 3
|
| Settlement date: | March 11
|
| Stock price: | 12.5p at close March 3
|
| Stock price: | 12.35p at close March 11
|
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