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Key3Media exchanges $10 million of notes for convertible preferreds
New York, Dec. 12 - Key3Media Group, Inc. said it reduced its debt $10 million by issuing convertible preferred stock in exchange for some of its outstanding notes.
The Los Angeles-based tradeshow and confernce organizer said it issued 300,000 shares of its 5.5% series B convertible redeemable preferred stock in a private placement in exchange for $10 million face amount of its 11.25% senior subordinated notes due 2011.
The company said that for the purposes of the exchange, it valued the notes at $7.5 million. The convertible preferreds were issued at $25 per share.
The convertible preferreds are in addition to the $52 million raised by Key3Media in prviate placements on Nov. 27 of 1 million shares of 5.5% series A convertible redeemable preferred stock and 1.08 million shares of 5.5% series B convertible preferred stock, again for $25 per share each.
Shares of both series of convertible preferred stock are convertible at $5.55 per share.
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