FuelCell Declines After Announcing Bond Offering: Boston MoverJustin Doom
FuelCell Energy Inc., the Danbury, Connecticut-based manufacturer of fuel-cell power plants, fell the most in a year after announcing plans to offer $38 million in debt.
FuelCell slumped 13 percent to $1.18 at the close in New York, the most since June 6, 2012.
The 8 percent senior notes will mature June 2018 unless they’re earlier converted into FuelCell common shares each worth $1.55, according to a statement today. Lazard Ltd. is managing the offer, which is expected to close June 25.
FuelCell, which makes systems that convert natural gas into electricity through a chemical process, said it will use the funds for general corporate purposes.