A123 Systems Announces Private Placement of Notes for $200m - Deal Analysis New Report
A123 Systems, Inc.- a developer and manufacturer of advanced lithium-ion advanced batteries and energy storage systems for transportation, electric grid and commercial applications, agreed to issue senior secured convertible notes, for gross proceeds of $200m, in a private placement. The placement will be subscribed by Wanxiang Group Corporation. A123 Systems, Inc. has signed a non-binding Memorandum of Understanding (MOU) with Wanxiang Group Corporation (Wanxiang). Wanxiang is among China’s largest automotive component manufacturers.
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