Danbury’s FuelCell Energy Inc. finalized its previously announced $38 million debt issue to fund ongoing refinement and marketing of its alternative-power supply technologies.
FuelCell said it netted about $36 million after deducting underwriting costs and other fees related to the debt offering.
Lazard Capital Markets LLC acted as sole book-running manager and Stifel acted as co-lead manager for its offering of its 8 percent senior unsecured convertible notes due June 15, 2018.
The notes are convertible into shares of FuelCell common at a ratio of 645.1613 shares of common stock per $1,000 principal amount of convertible notes, equivalent to a conversion price of $1.55 a share.
