November 30, 2009 (FinancialWire) — CECO Environmental Corp. (NASDAQ: CECE), a provider of industrial ventilation and pollution control systems, said it has closed a $10.8 million of 6% subordinated convertible promissory notes.

The notes are due in November 2014 and bear interest of 6.0% per annum, payable quarterly at the end of each calendar quarter. They are convertible at the holder’s option at any time at a conversion price of $4.00 per common share.

In addition, following three years from the date of the notes, the company can convert the notes if the company’s common shares close above $8.00 for five consecutive business days.

Cincinnati-based CECO Environmental is a provider to the steel, military, aluminum, automotive, ethanol, aerospace, electric power, semiconductor, chemical, cement, metalworking, glass, foundry and virtually all industrial process industries.

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