Summary
This 8-K filing from Quanta Services, Inc. (PWR) on December 11, 2002, reports an amendment to a Securities Purchase Agreement with First Reserve Fund IX, L.P. The primary focus of this amendment is to extend the closing date for the purchase of Series E Preferred Stock from December 7, 2002, to December 20, 2002. This extension is significant for investors as it relates to a previously announced transaction where First Reserve purchased common stock and agreed to purchase preferred stock convertible into common stock at a $3.00 per share equivalent price. The original agreement also stipulated that the preferred stock purchase was contingent on certain conditions, including amendments to Quanta's credit facility and secured note agreements. The amendment indicates that these conditions are still being worked through, and the finalization of the preferred stock issuance is being delayed.
Key Highlights
- 1Quanta Services, Inc. entered into Amendment No. 1 to its Securities Purchase Agreement with First Reserve Fund IX, L.P. on December 6, 2002.
- 2The amendment extends the deadline for the purchase and issuance of Series E Preferred Stock from December 7, 2002, to December 20, 2002.
- 3The original Securities Purchase Agreement was dated October 15, 2002.
- 4Under the original agreement, First Reserve purchased 8,666,666 shares of Common Stock at $3.00 per share.
- 5The Series E Preferred Stock is convertible into Common Stock at a price equivalent of $3.00 per share, subject to stockholder approval.
- 6The purchase of Series E Preferred Stock was contingent on satisfaction of certain conditions, including amendments to Quanta's senior credit facility and senior secured note agreements.