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Clean Energy Fuels Corp. Message Board

  • jackiet83 jackiet83 Jun 27, 2013 11:32 AM Flag

    Pickens is BROKE - had to mortgage his minerals for the CHK takeout!

     

    from 13D of 6-19-13
    Item 3. Source and Amount of Funds or Other Consideration
    Item 3 is hereby amended by adding the following:
    On June 14, 2013, the Reporting Person entered into a Loan and Security Agreement (the “Green Loan Agreement”) with Green Energy Investment Holdings L.L.C. (“Green”), pursuant to which the Reporting Person borrowed an aggregate $57,500,000, which amount was used to fund (i) the purchase of a 7.5% convertible promissory note of the Issuer due July 11, 2018 in the principal amount of $25,000,000 (the “First Tranche Note”) and a 7.5% convertible promissory note of the Issuer due July 10, 2019 in the principal amount of $25,000,000 (the “Second Tranche Note” and, together with the First Tranche Note, the “Existing Notes”) for an aggregate purchase price of $42,500,000 pursuant to the Note Purchase Agreement (as defined below) and (ii) a loan (the “Third Tranche Loan”) by the Reporting Person to the Issuer in the principal amount of $15,000,000 in exchange for the issuance by the Issuer of a 7.5% convertible promissory note due June 14, 2020 (the “Third Tranche Note” and, together with the First Tranche Note and the Second Tranche Note, the “Convertible Notes”) pursuant to the Company Loan Agreement (as defined below). Borrowings under the Green Loan Agreement bear interest at the rate of 7.5% per annum (payable quarterly, in arrears, on March 31, June 30, September 30 and December 31 of each year). The Reporting Person is required to make a mandatory prepayment of the loans under the Green Loan Agreement, if (i) the Convertible Notes are exchanged for Common Stock under certain circumstances, (ii) the Issuer is in default under the Company Loan Agreement or (iii) the Reporting Person ceases to serve as a director of the Issuer. The Convertible Notes and the Reporting Person’s interests in certain unrelated entities holding oil and gas mineral rights were pledged as collateral under the Green Loan

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