Equinix holders exchange some 4.75% convertibles for stock, cash

By Marisa Wong

Madison, Wis., May 13 - Some holders of Equinix, Inc.'s 4.75% convertible subordinated notes agreed to exchange about $33.23 million of their notes for 394,045 shares of common stock and roughly $3.34 million in cash.

Equinix entered into exchange agreements with the noteholders on Monday, and the exchanges are expected to be completed on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

As a result of these exchanges, along with the exchanges of $98.9 million and $71.3 million of the 4.75% convertibles under exchange agreements on April 24 and May 1, respectively, the company said it expects to recognize a loss on debt extinguishment of $45 million in the second quarter.

Equinix is a Redwood City, Calif.-based data services company.

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