Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 248

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 248
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 There was convertible debt outstanding for the year ended December 31, 2022. For the year ended December 31, 2023, 225,000shares of Common Stock were issued at Closing to the Sponsor of Clean Earth to settle CLIN promissory notes of $ 1.6million. The shares were issued at the closing price of $ 5per share for $ 1.1million. The difference of $ 0.5million was recognized as an addition to Additional Paid in Capital. Management determined the extinguishment of this note is the result of a Troubled Debt Restructuring. Other Debt: In January 2021, the Company approved the issuance by one of its subsidiaries, Solis, of a series of 3-yearsenior secured green bonds in the maximum amount of $ 242.0million (€ 200.0million) with a stated coupon rate of 6.5% + EURIBOR and quarterly interest payments. The bond agreement is for repaying existing facilities of approximately $ 40.0million (€ 33million), and funding acquisitions of approximately $ 87.2million (€ 72.0million). The bonds are secured by the Solis Bond Company’s underlying assets. The Company raised approximately $ 125.0million (€ 110.0million) in the initial funding. In November 2021, Solis Bond Company DAC, completed an additional issue of $ 24.0million (€ 20.0million). The additional issue was completed at an issue price of 102% of par value, corresponding to a yield of 5.5%. The Company raised $ 11.1million (€ 10.0million) in March 2022 at 97% for an effective yield of 9.5%. In connection with the bond agreement the Company incurred approximately $ 11.8million in debt issuance costs. The Company recorded these as a discount on the debt and they are being amortized as interest expense over the contractual period of the bond agreement. As of December 31, 2022 and 2021, there was $ 149.5million and $ 147.2million outstanding on the Bond, respectively. As of December 31, 2023 and 2022 there was $ 166.1million and $ 149.4million outstanding on the Bond, respectively. As of December 31, 2022, the Company’s wholly owned subsidiary, Solis Bond