| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for American DG Energy Inc. > News item |
American DG Energy exchanges $1.1 million of 4% convertibles due 2015
New notes do not give holders option to extend
By Angela McDaniels
Tacoma, Wash., Feb. 25 - American DG Energy Inc. issued a $1.1 million 4% convertible senior note due 2017 on Thursday in exchange for a 4% convertible senior note due 2015 of an equal principal amount originally issued on June 14, 2013.
The exchange took place as part of EuroSite Power Inc.'s exchange of $4 million of its 4% convertibles due 2015 for a like principal amount of 4% convertibles due 2017. EuroSite is American DG Energy's majority owned subsidiary, according to an 8-K filing with the Securities and Exchange Commission.
Accrued interest on the old notes will be treated as accrued interest under the new notes.
The conversion rate is 1,667 shares of common stock per $1,000 principal amount of new notes, which is equivalent to a conversion price of $1.667. The company's stock closed at $2.04 (NYSE MKT: ADGE) on Feb. 25.
The old notes could be extended at the holders' option. The new notes do not have this option.
Included among the investors exchanging their old notes for new notes were the following: Bruno Meier, a director of EuroSite Power, in the amount of $250,000; Prime World Inc., a company controlled by Joan Giacinti, a director of EuroSite Power, in the amount of $300,000; Charle Maxwell, chairman of the board of directors of the company, in the amount of $250,000; and Nettlestone Enterprises Ltd., a shareholder of both the company and EuroSite Power, in the amount of $300,000.
Based in Waltham, Mass., American DG Energy distributes and operates clean, onsite energy systems that produce electricity, hot water, heating and cooling.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.