Ceco Environmental: Convertible Note Offering
CECO Environmental Corp., a leading provider of industrial ventilation and pollution control systems, today announced the closing of $10.8 million of 6% subordinated convertible promissory notes.
The notes are due in November 2014 and bear interest of 6.0% per annum, payable quarterly at the end of each calendar quarter. The Notes are convertible at the holder's option at any time at a conversion price of $4.00 per common share. In addition, following three years from the date of the notes, the Company can convert the Notes if the Company's common shares close above $8.00 for five consecutive business days.
ABOUT CECO ENVIRONMENTAL
CECO Environmental Corp. is North America's largest independent air pollution control company. Through its subsidiaries CECO provides a wide spectrum of air quality services and products including: industrial air filters, environmental maintenance, monitoring and management services, and air quality improvements systems. CECO is a full-service provider to the steel, military, aluminum, automotive, ethanol, aerospace, electric power, semiconductor, chemical, cement, metalworking, glass, foundry and virtually all industrial process industries.
For more information on CECO Environmental please visit the company's website at http://www.cecoenviro.com.
Phillip DeZwirek, CECO Environmental Corp.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in CECO's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include general economic conditions and changes in market conditions in the industries in which the Company operates. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.