Quantum Fuel Systems just announced that it has obtained $3 million worth of new debt financing. The financing comes from WB QT, LLC, and also allowed Quantum to restructure its existing loan with that company.  Here’s the lowdown on the agreement, from a company press release:

Quantum gets an additional $3 million in new debt financing in the form of a  11.5% convertible note with a conversion price of $0.71. The maturity date is August 31, 2010, as long as Quantum can round up $5 million of new equity before October 1, 2009. If they can’t, the maturity date goes to October 1, 2009.

Quantum’s Term Loan C, which has an outstanding balance of $4.2 million, will be extended until August 31, 2010.

Quantum’s $7.2 million convertible note issued in January of 2008 will also be extended to August 31, 2010. The conversion price will go down from $1.35 to $0.71 and the make-whole provision will be eliminated.

Quantum’s Term Note A, set to mature on August 1, 2009, has been switched out for a 1.5% convertible note with a conversion price of $0.71 and a maturity date of August 31, 2010.

An unexercised $10 million commitment from WB QT, LLC has been extended for another year.

>>>