Brief: Power Solutions International announces agreement with Weichai America Corp

Power Solutions International

27/03/2017 21:05

March 27 (Reuters) - Power Solutions International Inc 
 PSIX.O  -  
    * Announces strategic investment and collaboration agreement 
with Weichai America Corp 
    * To invest $60 million in power solutions 
    * PSI will gain access to Weichai's International 
manufacturing facilities and supply chain network 
    * Part of agreement, Weichai America will purchase 2.7 
million newly issued shares of common stock of PSI at $8.00 per 
share 
    * Says Weichai will also purchase 2.4 million shares of 
series B convertible perpetual preferred stock of company 
    * Under terms of strategic collaboration agreement, PSI, 
Weichai have identified specific areas of initial cooperation 
    * $60 million in total proceeds will be used as to refinance 
company's debt structure 
    * PSI and Weichai will establish a steering committee to 
oversee implementation of strategic collaboration 
    * On date of closing, size of company's board of directors 
will be increased to seven 
    * Company will appoint as directors 2 individuals designated 
by Weichai America, 1 of whom will be chairman of board 
 
Source text for Eikon:  ID:nGNXNSDKXa  
Further company coverage:  PSIX.O  
 
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