Vulcan Infrastructure and Power closes USD 39.4 million private placement at USD 1.71 a share
VIP•Use of proceeds
Net proceeds are earmarked to redeem about USD 33.1 million of 8.50% Senior Notes due October 2026. The remainder will be used for development work.
Convertible note and warrant issued
Vulcan also issued a USD 10 million senior secured convertible promissory note to a Machine affiliate. The note carries 10% PIK interest and a 3-year maturity.
The convertible note has a USD 2.14 per share conversion price and includes a 3-year warrant for 1,754,386 shares at USD 1.71.
Private placement closes at USD 1.71 a share
Vulcan Infrastructure and Power closed a $39.4 million strategic investment via an unregistered sale of Class A common stock.
The company issued 17,146,190 shares at USD 1.71 each to affiliates of Machine Investment Group, Atlas Holdings, Conversant Capital, and insiders.
