By Rebecca Melvin
New York, Sept. 11 - Clean Energy Fuels Corp. priced an upsized $220 million of five-year convertible senior notes after the market close on Tuesday at par to yield 5.25% with an initial conversion premium of 25%, according to a news release.
The Rule 144A offering was initially talked at $200 million in size. Pricing came at the midpoint of talk, which was for a 5% to 5.5% coupon and 22.5% to 27.5% premium.
Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were joint bookrunners of the deal, which has a $30 million greenshoe.
The notes are non-callable for three years and then are provisionally callable if shares rise to 160% of the conversion price.
The bonds will be physically settled.
Proceeds are expected to be used to fund capital expenditures and for general corporate purposes.
Based in Seal Harbor, Calif., Clean Energy is a provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada.
| Issuer: | Clean Energy Fuels Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $220 million, upsized from $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | Oct. 1, 2018
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Yield: | 5.25%
|
| Conversion premium: | 25%
|
| Conversion price: | $15.60
|
| Conversion ratio: | 64.1026
|
| Call protection: | Non-callable for three years, then provisionally callable at 160% price hurdle
|
| Takeover protection: | Yes
|
| Price talk: | 5%-5.5%, up 22.5%-27.5%
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 16
|
| Stock reference price: | $12.49 at close Sept. 10
|
| Distribution: | Rule 144A
|
| Market capitalization: | $1.1 billion
|
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