Maxwell Technologies Retires $8.3 Million of Convertible Debt
SAN DIEGO, Feb. 28, 2011 /PRNewswire/ — Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has issued 514,086 shares of the company’s common stock to Sandell Asset Management Corp. to retire the remaining balance of $8.3 million owed on a privately placed convertible debenture issued in December 2005. The conversion price was $16.21 per share.
Retirement of the convertible debt lifts the restriction on $8 million of cash that the company was required to hold as collateral to guarantee repayment, and, as a result of the conversion, the company’s remaining debt is now approximately $5.5 million primarily related to bank lines of credit.
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAPÃ‚® ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDISÃ‚® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: www.maxwell.com.
SOURCE Maxwell Technologies, Inc.