in News Departments > New & Noteworthy
print the content item

American Superconductor Corp. (AMSC), a Massachusetts-based provider of wind energy and power grid solutions, has entered into an amendment to its existing senior term loan with Hercules Technology Growth Capital Inc. and an at market issuance (ATM) sales agreement with MLV & Co. LLC.

The terms of the amendment with Hercules provide AMSC with, among other things, a total borrowing capacity of $15 million, representing $10 million of incremental borrowing capacity based on the outstanding balance of the existing term loan.

In conjunction with entering into the amendment, AMSC issued warrants to purchase up to 256,410 shares of common stock to Hercules at an exercise price of $1.95 per share. In addition, the company says it amended the terms of its existing warrant with Hercules, originally issued on June 5, 2012, to lower the exercise price to $1.95.

Under the terms of the ATM sales agreement, AMSC says it may sell through MLV, as sales agent, such number of shares of common stock of the company as would result in aggregate gross proceeds to the company of up to $30 million. MLV, at AMSC's discretion and instruction, will use its efforts to sell the shares at market prices from time to time, including sales made directly on the NASDAQ Global Select Market.

Separately, AMSC says it is still embroiled in its years-long legal battle with wind company Sinovel. In 2011, AMSC filed lawsuits in China claiming Sinovel breached contracts and stole intellectual property. Additionally, this June, the U.S. Department of Justice charged Sinovel, two of its employees and AMSC’s former employee with stealing trade secrets. All cases are ongoing.




Trachte Inc._id1770
Latest Top Stories

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

Renewable NRG_id1934
Hybrid Energy Innovations 2015
BG 2015DblBox_id2032