SINGAPORE (Yosefardi) – KS Energy Limited, an integrated energy service hub, has on 21 September 2015 entered into a purchase agreement with TAEL One Partners Ltd, acting in its capacity as General Partner of The Asian Entrepreneur Legacy One, L.P. (the Subscriber), for the proposed issue of New Convertible Bonds.
Under the terms of the Purchase Agreement, the Company shall issue, and the Subscriber has agreed to subscribe for, an aggregate of S$7.5 million in principal amount of 6.00% convertible bonds due 2016.
Each New Convertible Bond will, at the option of the holder of the New Convertible Bond (Bondholder), be convertible (unless previously redeemed, converted or purchased and cancelled) into fully-paid ordinary shares of the Company (Shares) at an initial conversion price of S$0.28 per new Share (Conversion Share).