FuelCell Energy Inc. and its Canadian investor have modified their investment pact, giving the Danbury maker of clean-energy modules more repayment flexibility, a regulatory filing shows.
Enbridge Inc., one of Canada’s largest energy distributors, is the sole holder of 1 million shares of Class A preferred stock in FuelCell, according to FuelCell’s 8-K filing Wednesday with the Securities and Exchange Commission. The shares have a par value of $25 each.
Enbridge’s stake stems from FuelCell’s 2003 acquisition of Global Thermoelectric Inc.
According to their original agreement dated May 2004, FuelCell was to have repaid Enbridge accrued dividends and interest, plus partial return of capital, totaling $13 million on last New Year’s Eve, the filing states.
But the parties agreed to modify that arrangement to divide that payment into quarterly installments of $3.25 million plus interest over the course of one year, the filing says, starting March 31 and ending Dec. 31, 2011.
Meantime, FuelCell will continue on its timetable with paying Enbridge an annual dividend and return of capital of $1.3 million through Dec. 31, 2020, the filing said.
