Business
Westport Extends Maturity of Existing Debentures and Issues C$19 Million Additional 9% Debentures
- Westport Completes Non-Dilutive, Non-Convertible Financing - /NOT FOR DISSEMINATION I...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n- Westport Completes Non-Dilutive, Non-Convertible Financing -\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE\n SERVICES/\n\n\nVANCOUVER, June 27, 2014 /CNW/ - Westport Innovations Inc. (TSX:WPT)\n (NASDAQ:WPRT), engineering the world's most advanced natural gas\n engines and vehicles, today announced that it has extended the maturity\n date of its 9% unsecured subordinated non-convertible debentures\n formerly due September 22, 2014 to September 15, 2017; and secured an\n additional C$19 million in debentures on the same terms, bringing the\n total outstanding debentures to C$55 million.\n\n\nThe maturity date of the existing debentures was extended by execution\n of a Supplemental Indenture and an extraordinary resolution of existing\n debenture holders, for which support of approximately 92.5% of holders\n was obtained.\n\n\nThe Supplemental Indenture:\n\n\n\n\n \n\n\n \n\n\n\n\n(i)     \n\n\nextends the maturity date of the current debentures from September 22,\n 2014 to September 15, 2017;\n\n\n\n\n(ii)     \n\n\nprovides for the issuance of additional debentures under the Indenture,\n on identical terms to the existing debentures, of which C$19 million\n have been issued today (the \"Series 2 Debentures\");\n\n\n\n\n(iii)     \n\n\nallows holders of all debentures to elect, up to six times, to extend\n the maturity date of their respective debentures by a successive six\n month term, subject to a minimum of C$10 million debentures remaining\n outstanding; and\n\n\n\n\n(iv)     \n\n\nincreases the amount of permitted additional unsecured indebtedness and\n guarantees from C$50 million to C$70 million to reflect the additional\n debentures issued today.\n\n\n\n\n \n\n\n \n\n\n\n\nBased upon the strong support of the existing debenture holders to\n extend the maturity date (and significant interest from such holders in\n holding additional debentures), Westport raised C$19 million through\n the issuance of Series 2 Debentures offered by Richardson GMP Limited\n (\"Richardson GMP\"), on a private placement basis.  The Series 2\n Debentures ranked pari passu with and are issued on identical terms to\n the existing debentures, will mature on September 15, 2017 and bear\n ...