LEV - The Lion Electric to enter into ~$142M financing transactions

2023-07-17 07:53:39 ET

• Urban vehicles company The Lion Electric ( NYSE: LEV ) ( TSX: LEV:CA ) said on Monday that it will enter into ~$142M financing transactions.
• The transactions include an ~$74M private placement of 13% senior unsecured convertible debentures to a group of subscribers comprised of Investissement Québec, Fonds de solidarité des travailleurs du Québec and Fondaction.
• It also includes C$90M private placement of 11% senior secured non-convertible debentures to a group of subscribers led by Mach Group and Mirella & Lino Saputo Foundation.
• Ans, also includes private placement to the holders of non-convertible debentures of a number of share purchase warrants, which entitles them to purchase a total of 22.5M shares at C$2.81 per share.
• The net proceeds are intended to be used to fund working capital, strengthen the company's financial position and continue to pursue growth strategy.
• The financing is expected to close on or about July 19.
• The company is set to amend its senior credit facilities, which will involve extending maturity by 1 year to Aug. 11, 2025, concurrent with the closing of the financing.
• Source: Press Release

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