Ptek may redeem 5% convertibles

New York, May 11 - Ptek Holdings Inc. said it may redeem its 5% convertible notes due August 2008 using a new $140 million credit facility.

The Atlanta provider of teleconference services currently has $85 million of the securities outstanding.

The convertibles, which were issued in August 2003, are redeemable before maturity if Ptek's stock closes at or above $10.05 for 20 out of 30 consecutive trading days. Ptek's stock closed at $10.05 Monday.

Ptek's new credit facility is from Bank of America NA and replaces its current $60 million facility.

"The larger line demonstrates the progress we have made in growing our cash flow and improving our balance sheet in the past two years. The availability of additional funds gives us flexibility to retire debt, pursue additional accretive acquisitions or repurchase our shares in the open market," said chairman and chief executive officer Boland Jones in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.