DEVENS, Mass., Nov. 18, 2013 (GLOBE NEWSWIRE) -- American Superconductor Corporation (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, today announced that it has entered into an amendment (the "Amendment") to its existing senior term loan with Hercules Technology Growth Capital, Inc. and an At Market Issuance ("ATM") Sales Agreement with MLV & Co. LLC. The terms of the Amendment with Hercules provide, among other things, AMSC with a total borrowing capacity of $15 million, representing $10 million of incremental borrowing capacity based on the outstanding balance of the existing term loan. Upon execution of the Amendment, Hercules advanced this $10 million (the "New Term Loan") to AMSC. The New Term Loan bears interest of 11%, which is the same rate as the existing term loan. The company is obligated to make interest only payments for up to the first six months after the date of a new advance (nine months should the company achieve certain revenue targets), after which it is obligated to begin re-paying the New Term Loan in equal monthly installments through November 1, 2016. In conjunction with entering into the Amendment, the company issued warrants to purchase up to 256,410 shares of common stock to Hercules at an exercise price of $1.95 per share. In addition, the company amended the terms of its existing warrant with Hercules, originally issued on June 5, 2012, to lower the exercise price to $1.95. For more information about the New Term Loan, please refer to AMSC's filing on Form 8-K today. Under the terms of the ATM Sales Agreement, AMSC may, at its discretion, from time to time, sell through MLV, as sales agent, such number of shares of common stock of the company ("Shares") as would result in aggregate gross proceeds to the company of up to $30 million. MLV, at AMSC's discretion and instruction, will use its commercially reasonable efforts to sell the Shares at market prices from time to time, including sales made directly on The NASDAQ Global Select Market.