VANCOUVER, BC – Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT), engineering the world's most advanced natural gas engines and vehicles, today announced that it has extended the maturity date of its 9% unsecured subordinated non-convertible debentures formerly due September 22, 2014 to September 15, 2017; and secured an additional C$19 million in debentures on the same terms, bringing the total outstanding debentures to C$55 million.
The maturity date of the existing debentures was extended by execution of a Supplemental Indenture and an extraordinary resolution of existing debenture holders, for which support of approximately 92.5% of holders was obtained.
The Supplemental Indenture:
Based upon the strong support of the existing debenture holders to extend the maturity date (and significant interest from such holders in holding additional debentures), Westport raised C$19 million through the issuance of Series 2 Debentures offered by Richardson GMP Limited ("Richardson GMP"), on a private placement basis. The Series 2 Debentures ranked pari passu with and are issued on identical terms to the existing debentures, will mature on September 15, 2017 and bear interest at 9% per annum, payable in cash semi-annually in arrears on March 15th and September 15th of each year during the term, commencing on September 15, 2014. The Series 2 Debentures are not listed on any stock exchange. Westport has paid to Richardson GMP a solicitation fee in connection with the extension and a commission on the placement in the aggregate amount of 3.85% of the principal amount of debentures now outstanding.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers and suppliers of advanced clean fuel systems and components that can change the way the world moves. Our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Westport Fuel Systems today announced they have been invited to present at the 8th Annual Gateway Conference, which is being held September 4-5, 2019 at the Four Seasons Hotel in San Francisco, California
Westport Fuel Systems Appoints Richard Orazietti as Chief Financial Officer
Strong first half revenue drives improved revenue guidance
Westport Fuel Systems Inc. announced today that it will disclose its financial results for the second quarter ended June 30, 2019 on Thursday, August 8, 2019 after market close.
Strong Revenue Growth in All Areas, Notably Westport HPDI 2.0 Sales