GSI Commerce calls all $57.5 million of its 3% convertibles due 2025

By Devika Patel

Knoxville, Tenn., April 21 - GSI Commerce Inc. said it has called all of its $57.5 million in 3% convertible notes due 2025.

The notes will be redeemed at par plus accrued interest to June 7, the redemption date.

Holders may convert their notes between May 1 and the close of business on June 4 at a conversion rate of 56.1545 shares per $1,000 of notes, representing a conversion price of approximately $17.808 per share.

Because the common stock is trading at a price above the conversion price, the company expects that substantially all of the notes will be converted. The shares closed at $28.60 (Nasdaq: GSIC) on April 20.

The Bank of New York Mellon (800 254-2826) is the trustee.

GSI Commerce is a King of Prussia, Pa.-based provider of e-commerce and interactive marketing services.

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