Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 173

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1
Chunk 173
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 (the “2024 Note”) with a maturity
date in April 2025, in the principal sum of $1,250,000. Pursuant to the terms of the 2024 Note, the Company agreed to pay to Secure Net
the entire principal amount on the Maturity Date, failing which and certain events of default (as described in the 2024 Note), the 20%
Original Issue Discount shall increase to 30% Original Issue Discount. The Purchase Agreement resulted in net proceeds of $1,000,000 to
the Company. The 2024 Note, issued pursuant to the Purchase Agreement, is convertible at the option of the Holder at any time after the
Maturity Date, including with registration rights, at a conversion price per share equal to ninety percent (90%) of the Company’s
common stock’s VWAP (which is the the three (3) Trading Days immediately prior to such Conversion Date (or the nearest preceding
date)) as of the date of such conversion (the “Conversion Date”).

Other Debt:

In January 2021, the Company
approved the issuance by one of its subsidiaries, Solis, of a series of 3-year senior secured green bonds in the maximum amount of $242.0
million (€200.0 million) with a stated coupon rate of 6.5% + EURIBOR and quarterly interest payments. The bond agreement is for repaying
existing facilities of approximately $40.0 million (€33 million), and funding acquisitions of approximately $87.2 million (€72.0
million). The bonds are secured by the Solis Bond Company’s underlying assets. The Company raised approximately $125.0 million (€110.0
million) in the initial funding. In November 2021, Solis Bond Company DAC, completed an additional issue of $24.0 million (€20.0
million). The additional issue was completed at an issue price of 102% of par value, corresponding to a yield of 5.5%. The Company raised
$11.1 million (€10.0 million) in March 2022 at 97% for an effective yield of 9.5%. In connection with the bond agreement the Company
incurred approximately $11.8 million 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, 202