American DG Energy: Debenture Interest to Now be Paid in Common Stock

American DG Energy ADGE today announced that it has agreed to the request of all holders of its Senior Unsecured Convertible Debentures, due 2018 ("Debentures"), to modify the interest payment from cash to shares of the Company's Common Stock. The modification to the interest payment will be for interest paid in 2012, 2013 and 2014. Under the terms of the agreement, for the May semi-annual interest payment, the Company will use the April average daily closing price of the Common Stock in order to determine the conversion price and for the November semi-annual interest payment the Company will use the October average daily closing price of the Common Stock in order to determine the conversion price. All other terms and conditions, including interest rate and maturity date will remain the same. "This change in the terms of our Debentures will save the company approximately $3.5 million in cash," said John N Hatsopoulos, Chief Executive Officer of American DG Energy. "We can now take this amount and deploy it towards the installation of more energy systems and aggressively grow our revenue."