New Issue: Ebix secures $25 million from private placement of convertible notes

By Devika Patel

Knoxville, Tenn., Aug. 28 - Ebix, Inc. settled a $19 million private placement of a 0% convertible promissory note with investor Whitebox VSC, Ltd. on Aug. 26, according to an 8-K filed Friday with the Securities and Exchange Commission. It also sold a $1 million 0% note to IAM Mini-Fund 14 Ltd. on Aug. 26 and a $5 million 0% note to Rennes Foundation on Aug. 25.

The Whitebox and IAM notes mature Aug. 26, 2011 and are initially convertible into common stock at $48.00 per share. The Rennes note matures Aug. 25, 2011 and is convertible at $50.00 per share.

Atlanta-based Ebix provides software for the insurance industry.

Issuer:	Ebix, Inc.
Issue:	Convertible promissory notes
Stock symbol:	Nasdaq: EBIX
Stock price:	$44.51 at close Aug. 26, $43.90 at close Aug. 25
Market capitalization:	$498 million
First note
Amount:	$20 million
Maturity:	Aug. 26, 2011
Coupon:	0%
Price:	Par
Yield:	0%
Conversion price:	$48.00
Warrants:	No
Investor:	Whitebox VSC, Ltd. (for $19 million), IAM Mini-Fund 14 Ltd. (for $1 million)
Settlement date:	Aug. 26
Second note
Amount:	$5 million
Maturity:	Aug. 25, 2011
Coupon:	0%
Price:	Par
Yield:	0%
Conversion price:	$50.00
Warrants:	No
Investor:	Rennes Foundation
Settlement date:	Aug. 25

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