Infrastructure and Energy Alternatives, Inc. Announces Additional Equity Commitment, Rights Offering and Partial Exchange of Series A Preferred Stock
Infrastructure and Energy Alternatives, Inc. (IEA)
Last infrastructure and energy alternatives, inc. earnings: 3/10 05:25 pm
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Source: GlobeNewswire
Entered into an Equity Commitment Agreement for the sale of 80,000 shares of Series B-3 Preferred Stock and 3,568,750 warrants to purchase common stock for a gross purchase price of $80 million, with further commitment to issue up to $30 million of additional preferred stock and warrants Entered into a Rights Offering Agreement, pursuant to which the Company will distribute to current common stockholders transferrable rights to purchase up to $15 million of Series B-3 Preferred Stock and warrants to purchase common stock Entered into an Exchange Agreement to exchange 50% of the Company’s outstanding Series A Preferred Stock for Series B-3 Preferred Stock and warrants to purchase common stock The Company intends to use proceeds from the above transactions to repay outstanding indebtedness Initial $80 million transaction reduces pro forma net debt to Debt Covenant Calculation Adjusted EBITDA to 2.7x and triggers step-downs in rates on term loan and existing Series B Preferred Stock I
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