Omni Energy Services pays cash for $1.3 million convertibles put back

By Sheri Kasprzak

Atlanta, Oct. 25 - Omni Energy Services Corp. paid cash Monday for $1.3 million of its 6.5% subordinated convertible debentures.

The move was made in connection with the put notices received from investors Manchester Securities Corp., Provident Premier Master Fund Ltd., Gemini Master Fund Ltd. and Portside Growth and Opportunity Fund.

On Oct. 12, the company said it would amend its Oct. 8 agreement with the investors in the 6.5% subordinated convertible debentures. The amendment allows Omni to extinguish the debentures on or before Nov. 15 and allows the company to incur debt greater than the debentures if it pays them in full at the close of the financing.

In exchange, the investors are allowed to convert $2,000 of the principal amount of the second debentures to 200,000 shares at a revised conversion price of $0.01 per share.

In the second debenture, Manchester Securities will get 99,668 shares, Portside Growth 49,834 shares, Provident 49,834 shares and Gemini 664 shares.

Omni Energy, which is based in Carencro, La., provides services to geophysical companies. Omni's stock closed down C$0.15 at C$4.01 Monday.

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