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Published on 9/5/2006 in the Prospect News Convertibles Daily and Prospect News PIPE Daily.

New Issue: Nyfix secures $75 million from convertible preferreds offering

By Sheri Kasprzak

New York, Sept. 5 - Nyfix Inc. entered into agreements to wrap a $75 million private placement of convertible preferred stock with Warburg Pincus LLC.

Warburg agreed to buy 1.5 million shares of the preferred stock at $50.00 each.

Each preferred is convertible into 10 common shares at $5.00 each, a 6.5% discount to the company's closing price of $5.35 on Sept. 1 and a premium of 9.3% to the last 45 trading-day average.

Warburg will also receive warrants for 2.25 million shares, exercisable at $7.75 each.

Proceeds will be used for business development and general corporate purposes.

In other news at Nyfix, Lon Gorman was named the company's board chairman, replacing Peter Hansen. Also, P. Howard Edelstein, the company's former financial technology executive, was promoted to chief executive officer and board member.

New York-based Nyfix develops international and domestic trading workstations.

Issuer:Nyfix Inc.
Issue:Convertible preferred stock
Amount:$75 million
Shares:1.5 million
Price:$50.00
Conversion ratio:One preferred into 10 common shares
Conversion price:$5.00
Warrants:For 2.25 million shares
Warrant strike price:$7.75
Investor:Warburg Pincus LLC
Announcement date:Sept. 5
Stock symbol:Pink Sheets: NYFX
Stock price:$5.35 at close Sept. 1

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