Global Imaging to redeem $57.5 million 4% convertibles

By Jennifer Chiou

New York, May 10 - Global Imaging Systems, Inc. announced the redemption of its $57.5 million of 4% convertible senior subordinated notes due 2008.

"Redeeming the notes at this time takes advantage of the company's strong financial position," executive vice president and chief financial officer Ray Schilling said in a news release.

"We can redeem the notes at 101.6% of par value. Because the notes are currently trading at approximately 150% of par, we expect most note holders will exercise their right to convert the notes into shares of our common stock."

The notes are convertible at a price of $23.89. Global Imaging's stock closed at $40.78 Wednesday.

Based in Tampa, Fla., Global Imaging Systems provides office technology products.

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