Axion amends two series of convertibles, cutting interest to 9%

By Devika Patel

Knoxville, Tenn., Oct. 6 - Axion International Holdings, Inc. amended the terms of its outstanding 13% secured convertible debentures due March 30, 2009 and its series B 13% secured convertible debenture due March 30, 2009 on Sept. 26, according to an 8-K filed Monday with the Securities and Exchange Commission.

The new agreement reduces the annual interest rate to 9% from 13% and extends the maturity date to Sept. 30, 2010 from March 30, 2009.

It also eliminates the debenture holders' security interest in the company's assets.

Axion is an independent oil and gas enterprise based in Basking Ridge, N.J.

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