By Devika Patel
Knoxville, Tenn., July 16 - Ebix, Inc. settled a $15 million private placement of a secured convertible note with investor Whitebox VSC, Ltd. on July 11, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note matures on July 11, 2010 and bears interest at 2.5% per year. It is convertible into common stock at $84.00 per share.
Interest is payable annually on July 11, upon conversion and at maturity.
Atlanta-based Ebix provides software for the insurance industry.
| Issuer: | Ebix, Inc.
|
| Issue: | Secured convertible note
|
| Amount: | $15 million
|
| Maturity: | July 11, 2010
|
| Coupon: | 2.5%, payable annually
|
| Price: | Par
|
| Yield: | 2.5%
|
| Conversion price: | $84.00
|
| Warrants: | No
|
| Investor: | Whitebox VSC, Ltd.
|
| Settlement date: | July 11
|
| Stock symbol: | Nasdaq: EBIX
|
| Stock price: | $80.23 at close July 11
|
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