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

August 4

Westport Fuel Systems Announces Supply Contract with NAFTAL

MTM to Supply LPG Systems to the Growing Algerian Market

July 24

Westport Fuel Systems Secures €15 Million Loan from UniCredit

Transaction to Bolster the Liquidity of MTM in Cherasco, Italy

July 24

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

Westport Fuel Systems today announced that it has 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.

July 23

Westport Fuel Systems Secures US$10 Million Credit Facility from Export Development Canada

Westport Fuel Systems today announced that they have closed a US$10 million term credit facility from Export Development Canada to bolster liquidity during the COVID-19 pandemic.

July 23

Westport Fuel Systems to Announce Second Quarter Results on Thursday, August 6, 2020

Westport Fuel Systems has also scheduled a conference call for Friday, August 7, 2020 at 10:30am ET (7:30am PT)

Industry News

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.

Published: March 16

Europe Increasingly Turns to CNG, LNG

The statistics not only show continuously growing sales of CNG and especially liquefied natural gas fueled vehicles, but also the growth of corresponding fueling infrastructure.

Published: March 12

Finnish heavy-duty transport expert Simeon: ”Gas is energy of the future”

Simeon’s gas-powered Volvo is used to transport gas for partners. Stenberg is pleased with the new tractor unit.

Our Brands