Ptek says entire $85 million of 5% notes converted before call date

Pittsburgh, June 14 - Ptek Holdings Inc. said holders converted all of its outstanding $85 million principal amount of 5% convertible subordinated notes due August 2008 into 12.7 million shares of common stock, according to a news release. The conversion was completed before the June 14 call date.

Ptek announced previously that it will use cash and funds available under its credit facility to pay converting noteholders about $1.4 million in accrued interest and to pay a $16.3 million make-whole payment, representing the value of future interest payments.

Ptek Holdings Inc. is an Atlanta-based provider of business, data and group communications services for global enterprises.

© 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.