Omni Energy Services changes redemption terms on convertibles

By Sheri Kasprzak

Atlanta, Oct. 12 - Omni Energy Services Corp. will amend an agreement it made Oct. 8 for an issue of 6.5% subordinated convertible debentures.

The amendment will allow Omni to extinguish the debentures on or before Nov. 15. The amendment also allows Omni to incur debt greater than the debentures if it pays them in full at the close of the financing.

The investors in the note - Manchester Securities Corp., Provident Premier Master Fund Ltd., Gemini Master Fund Ltd. and Portside Growth and Opportunity Fund - gave Omni the right to prepay in cash all of the outstanding 6.5% subordinated convertible debentures held by each investors before close of business on Nov. 15, according to a news release.

In exchange for that right, the investors will be allowed to convert $2,000 of the principal amount of the debentures to 200,000 shares at a revised conversion price of $0.01 per share. Manchester Securities will receive 99,668 shares, Portside Growth 49,834, Provident will get 49,834 and Gemini 664.

Omni Energy, based in Carencro, La., provides services to geophysical companies.

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