Complete Solaria Released from over $67 M in Private Equity Debt
DENVER, Colo., Jul 01, 2024 (247marketnews.com)- Complete Solaria Inc. (Nasdaq:CSLR) stated that it cancelled $67.6 million in debt from its balance sheet, as Carlyle and Kline Hill Partners released Complete Solaria from that debt obligation.
T.J. Rodgers, Complete Solaria’s CEO, said, “The reason for this press release is to announce that Complete Solaria is free of all of its prior private equity debt obligations, and that we have eliminated $67.6 million of long-term debt from our balance sheet.
“When I drafted the press release above last week, I expected that the Company would exit that deal short on cash because the entire $18 million invested in the Company would be consumed in cash settlements. The latest good news is that on closing day, Sunday, June 30, after our private equity partners had studied the Company’s investor-friendly convertible debenture offering – which featured a 12% coupon and 50% conversion premium ($1.68 strike price) with no covenants or securitization terms – both of them found the convertible debenture terms compelling and agreed to re-invest the $18 million payment due them back into the Company. This means that my investment in the convertible debenture will cycle through the Company twice, once to pay off the private equity partners and once again to provide $18 million in new working capital.
“I would like to thank Andrew Kapp of Carlyle and Rick Orlando and CEO Mike Bego of Kline Hill Partners for their support, and Andrew Apthorpe of Cantor for his skill in developing the convertible debenture vehicle.”
About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.
24/7 MARKET NEWS, INC Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information.
CONTACT:
24/7 Market News
Editor@247marketnews.com