Why Westport Fuel Systems' Shares Popped 17.8% on Monday
Shares of Westport Fuel Systems (NASDAQ: WPRT) jumped as much as 17.8% in early trading Monday after the company announced two rounds of financing. Shares held solid gains through midday and were up 12.5% at 11:15 p.m. EDT.
Late last week, Westport announced a 15 million euro loan for its Italian subsidiary. The company also got a $10 million term credit facility from Export Development Canada. Finally, convertible notes were refinanced to lower the interest rate paid from 9% to 6.5% and extend the maturity by three years. The convert price was lowered from $1.27 to $1.42 per share. Westport did agree to pay down the debt from $17.5 million to $10 million as part of the deal.
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Source Fool.com
