News Releases

Published: July 24, 2020

Westport Fuel Systems Announces Refinancing of Convertible Notes with Cartesian Capital Group

VANCOUVER, BC - Westport Fuel Systems Inc. (“Westport Fuel Systems” or the “Company”) (TSX:WPRT / Nasdaq:WPRT) today announced that it has entered into an agreement for the refinancing of its convertible notes held by funds associated with Pangaea Two Management, LP and Cartesian Capital Group (“Cartesian”). 

Under the terms of the agreement, the Company has agreed to pay down the principal amount of the existing convertible notes from USD $17.5 million to USD $10 million. Concurrent with such repayment, the maturity of the remaining amended notes will be extended to three years from the date of the amendments, the coupon rate will be reduced from 9% annually to 6.5% annually, and the conversion price will be revised from USD $2.17 per share to USD $1.42 per share. Peter Yu, Managing Partner of Cartesian, will resign his seat on the Westport Fuel Systems Board of Directors.

 The refinancing of our convertible notes with Cartesian reduces our cost of capital and extends the maturity to 2023 to better align with the growth of our HPDI business

“The refinancing of our convertible notes with Cartesian reduces our cost of capital and extends the maturity to 2023 to better align with the growth of our HPDI business” said David M. Johnson, Chief Executive Officer of Westport Fuel Systems. “We deeply appreciate Peter Yu’s contributions to our Board of Directors and the Company.” 

“This is a mutually beneficial agreement” said Peter Yu, Managing Partner of Cartesian. “The Company has undergone a significant positive transformation since 2016, including the merger of Westport Innovations and Fuel Systems Solutions, the commercial launch of Westport HPDI 2.0TM in Europe, and the continued expansion of gaseous fueled vehicles into key markets. Under the strong leadership of David Johnson and the management team, Westport Fuel Systems is well-positioned to build on its leading position and continue to grow over the coming years.”

The refinancing and amendment of the convertible notes is being completed in reliance on an exemption from the requirements of the Toronto Stock Exchange applicable to eligible interlisted issuers under section 602.1 of the TSX Company Manual.

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, 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.

More Information

Westport Fuel Systems
(Investor Inquiries)

Shawn Severson
Investor Relations
T 604-718-2046
invest@wfsinc.com
www.wfsinc.com

News Releases

September 23

Westport Fuel Systems Clarifies Statements Regarding the Chinese Certification of Weichai Westport’s WP12HPDI Natural Gas Engine

Clarifies statements regarding its Weichai Westport Inc. joint venture and WWI's 12-liter engine equipped with the HPDI 2.0™ fuel system

September 18

Weichai Westport Secures Chinese Certification for WP12 Natural Gas Engine Powered by HPDI 2.0

Westport Fuel Systems Inc. today announced that its Weichai Westport Inc. joint venture has received certification from the Ministry of Ecology and Environment of China for its 12-liter engine equipped with the HPDI 2.0 fuel system

September 15

Westport Fuel Systems Combines Businesses to Better Serve Growing Indian Market

Transaction Provides Cost Efficiencies and Greater Product Choice for Customers

August 31

Westport Fuel Systems Awarded Key Electronics Supply Contract

Estimated revenue of US$58 million over seven-year period

August 11

Westport Fuel Systems Secures €7 Million Loan from Deutsche Bank

Further strengthens liquidity of Emer S.p.A in Brescia, Italy

Industry News

Published: October 6

Volvo Trucks sees increased interest in LNG

Swedish truck maker Volvo said it’s seeing hauliers and transport buyers moving towards refrigerated liquefied gas as a cheaper and more environmentally friendly alternative to diesel.

Published: September 30

India: Maruti Suzuki sells 300,000 units of the WagonR S-CNG

The Maruti Suzuki WagonR S-CNG has emerged as the highest selling natural gas vehicle in the country, as this greener and safer factory-fitted CNG model has surpassed 300,000 units in sales.

Published: September 24

Why Fleet Managers Anheuser Busch Kehe Distributors are Fueling Renewable Natural Gas

While much attention has shifted to the potential for battery-electric or hydrogen vehicles, another technology with a vast infrastructure — renewable natural gas — is gaining traction among fleet managers.

Published: July 17

Egypt launches ambitious strategy to shift from gasoline to natural-gas powered cars

Egypt has launched an ambitious plan to shift the primary fuel for vehicles in its jurisdiction from petrol and diesel to compressed natural gas.

Published: March 26

Coronavirus Economic Fallout May Boost NGVs as Alternative Transportation

Natural gas vehicles (NGV) may get a boost as power markets and renewable equipment production are seen as potential casualties.

Our Brands