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Modtech says $8.33 million in principal of notes will be converted
By Sheri Kasprzak
New York, May 4 - Modtech Holdings, Inc. said it will convert $8,333,333 in principal of senior subordinated secured convertible notes held by Amphora Ltd.
The notes, which are convertible into a total of 1,065,643 common shares at $7.82 each, will be converted earlier than the originally scheduled Aug. 31, 2006.
So far, $5.7 million of the principal has been converted into 728,900 common shares.
The notes, originally issued in December 2004, bear interest at 7% annually and mature in December 2009.
Perris, Calif.-based Modtech, designs and manufactures modular buildings.
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