Windswept Environmental's $4 million in convertible notes now non-convertible

By Sheri Kasprzak

New York, Oct. 5 - Windswept Environmental Group, Inc. said the remaining $4 million in secured convertible term notes issued between June and October 2005 will no longer be convertible.

The notes, which are held by Laurus Master Fund, Ltd., had originally been convertible at $0.09 each.

Also, six months of principal payments under the notes will be deferred until maturity - June 30, 2008 - and future monthly principal payments will be reduced to $100,000.

The notes were also amended so that if Windswept has cash and cash equivalents above $1 million, half of any cash received in excess of that amount will be used to pay down the note.

The notes were restated March 2. The notes bear interest at Prime rate plus 200 basis points with a 7.25% floor.

Based in New York, Windswept provides waste removal services following natural disasters.

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