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