3D Systems holders convert all 6% convertibles ahead of call

By Angela McDaniels

Seattle, July 23 - 3D Systems Corp. said all $14.8 million of its outstanding 6% convertible subordinated debentures due 2013 were converted into shares of the company's common stock by the end of Friday.

The company had planned to redeem the debentures at par on Monday.

The debentures' conversion price was $10.18 per share. 3D Systems shares closed at $23.35 (Nasdaq: TDSC) on Friday.

As a result of the conversion, the company will issue about 1.5 million shares.

In addition, the debenture holders received a total of $122,000 in accrued interest. 3D Systems expects its annual interest expense to decline by $900,000, according to a company news release.

The company also announced that it has repaid its outstanding revolving credit borrowings from Silicon Valley Bank out of its available cash.

3D Systems is based in Rock Hill, S.C., and provides three-dimensional modeling, prototyping and manufacturing services.

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