HyperSpace Communications plans $30 million private placement of convertibles

By Sheri Kasprzak

New York, Sept. 13 - HyperSpace Communications, Inc. said it is arranging a $30 million private placement of subordinated convertible notes.

The full terms of the five-year notes have not been determined, but the notes will be convertible at a premium to the market price on the date the deal is priced.

The proceeds will be used to reduce debt and to fund potential acquisitions. The rest will be used for general corporate purposes and working capital.

Based in Denver, HyperSpace is a software company focused on Web acceleration technologies.

The company's stock closed down $0.43 at $6.87 Monday.

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