news
Please send us news about clean-technology companies, trends, and industry events. All materials are subject to editorial review. E-mail us at editor@cleanedge.com.
indexes
Clean Edge Stock Indexes: Tracking the Performance of U.S.-Traded Clean-Energy and Global Wind and Smart Grid Infrastructure Companies.
Subscribe to Clean Edge RSS ![[icon: Print]](../images/iconPrint.gif){kind=small}
Print
Silver Lake Invests $60 Million In Power-One
April 28, 2009Source: Clean Edge News
Power-One, Inc., a provider of power conversion and power management
solutions, recently announced that it has agreed to a significant,
privately issued minority investment by Silver Lake Sumeru, a
investment fund focused on middle-market technology enterprises.
Silver Lake Sumeru will invest $60 million of new capital consisting
of $23.6 million of convertible preferred stock, $36.4 million
senior convertible notes due 2019, and 8.7 million warrants for
Power-One common stock. The warrants will have an exercise price of
$1.33 and expire in seven years. The preferred stock will pay
quarterly dividends at a rate of 10% per year, and the notes will
pay interest semi-annually at a rate of 6% per year the first year,
8% the second year and 10% thereafter. Both the preferred stock and
the notes will be convertible into Power-One common stock at a
conversion price of $1.35, which represents an approximate 42.1%
premium over the closing price of Power-One common Stock on April
23, 2009 of $0.95 a share. The conversion price and exercise price
for all instruments are subject to adjustment under certain
circumstances.
Power-One anticipates that the net proceeds from the transaction,
after deducting the estimated expenses, will be approximately $56
million. According to the company, these proceeds will be used to
fund strategic initiatives, and to provide for working capital needs
and general corporate purposes.