LOUISVILLE, Colo., June 25, 2015 (GLOBE NEWSWIRE) -- RGS Energy (Nasdaq:RGSE), one of the nation's leading rooftop installers of solar equipment, has converted all of its subordinated debt to Class A common stock and entered into agreements to exchange a substantial amount of its Series A and C warrants for Class A common stock.
The subordinated debt transaction involved converting outstanding principal of $3.15 million and accrued interest of $1.09 million under loans from Riverside Fund III, L.P., an affiliate of the company's largest shareholder, Riverside Renewable Energy Investment, LLC into 1,288,156 shares of the company's Class A common stock at $3.29 per share, the closing price on June 23, 2015.
"In addition to eliminating our subordinated debt and improving our working capital, the conversion of this debt held by Riverside, our largest shareholder and whose director is our chairman, demonstrates their confidence in our turn-around progress and plans," said Dennis Lacey, president and CEO of RGS Energy.
The company also has entered into agreements to exchange Series A and Series C warrants for an aggregate of 1,330,000 shares of Class A common stock. The consummation of the exchange is subject to certain closing conditions, one of which is that the NASDAQ Stock Market has completed its review of the transaction without objection.
During the second quarter of 2015, Series B warrants were exercised into 1,564,787 shares of Class A common stock, providing net proceeds of more than $4 million. After consummation of the warrant exchange transaction described above, substantially all Series A, B, C, D and E common stock warrants will have been exercised or exchanged.
About RGS Energy
RGS Energy (Nasdaq:RGSE) is one of the nation's leading rooftop installers of solar equipment, serving residential and small business customers in the mainland U.S. and Hawaii. Beginning with one of the very first photovoltaic panels sold in 1978, the company has installed tens of thousands solar power systems. RGS Energy makes it very convenient for customers to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to ongoing monitoring, maintenance and support.
For more information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. RGS Energy is a trade name and RGS Energy makes filings with the Securities and Exchange Commission under its official name "Real Goods Solar, Inc." For more information about the company, visit www.rgsenergy.com.
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Source: RGS Energy