By Devika Patel
Knoxville, Tenn., March 24 - Workstream Inc. has signed a term sheet with Magnetar Capital Master Fund, Ltd. to convert Magnetar's special warrant into a one-year senior secured convertible note, according to a 13-D filed Monday with the Securities and Exchange Commission.
The new 8% note is convertible into common shares at the lower of $0.80 and 90% of the volume weighted average price of the company's shares for the five trading days preceding the conversion.
Workstream, with headquarters in Maitland, Fla., develops software used to manage workforce employment lifecycles.
| Issuer: | Workstream Inc.
|
| Issue: | Convertible debentures
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Price: | Par
|
| Conversion price: | The lower of $0.80 and 90% of the volume weighted average price of the company's shares for the five trading days preceding the conversion
|
| Yield: | 8%
|
| Warrants: | No
|
| Investor: | Magnetar Capital Master Fund, Ltd.
|
| Pricing date: | March 24
|
| Stock symbol: | Nasdaq: WSTM
|
| Stock price: | $0.64 at close March 20
|
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