- UGE International (UGE) has closed its previously announced brokered private placement of Green Bonds for gross proceeds of C$7,379,285
- The Green Bonds will be issued and payable in US dollars and Canadian dollars
- The Green Bonds will be secured against a pool of the company’s solar and energy storage development projects
- Net proceeds will be used for the development of solar and energy storage projects
- UGE develops, owns, and operates commercial and community solar projects in the US and abroad
- UGE International Ltd. (UGE) opened trading at C$1.48
UGE International (UGE) has closed a brokered private placement of Green Bonds for gross proceeds of C$7,379,285.
The Green Bonds were issued at a price of $955 and have a face value of $1,000. The bonds mature four years from the closing date and bear interest at a rate of 9 per cent per annum, payable semi-annually.
At the Maturity Date, the company will repay the Green Bonds in full, including any accrued and unpaid interest.
Beginning two years following the closing date and ending on the maturity date, the company will have the option, in its sole discretion, to repay all or any portion of the outstanding principal and accrued interest on the Green Bonds at the end of each calendar month by paying one additional months’ interest to the holder.
The Green Bonds will be secured against a pool of the company’s solar and energy storage development projects.
Net proceeds will be used for the development of solar and energy storage projects.
Computershare Trust Company of Canada will act as the trustee for the Green Bonds.
The bonds will be subject to a four-month hold period. The company intends to seek to list the bonds for trading on the TSX Venture Exchange following the four-month hold period.
UGE develops, owns, and operates commercial and community solar projects in the US and abroad.
UGE International Ltd. (UGE) opened trading at C$1.48.