Z-Tel Technologies receives tenders of all preferreds

New York, Nov. 29 - Z-Tel Technologies Inc. said it completed its exchange for its convertible preferreds with 100% of all the old securities tendered.

The exchange expired at 5 p.m. ET on Nov. 29.

Z-Tel previously extended the exchange from its original expiration of Oct. 28.

Its old series D preferreds are exchangeable into common stock at a conversion price of $8.47. The series D shares carry a liquidation preference of $16.55 per share.

Under the exchange offer, Z-Tel is offering 25.69030 shares for each share of preferred stock, equivalent to a price of $0.644 per share.

The series E preferreds are convertible into common stock at a conversion price of $8.08 per share. The series E shares carry a liquidation preference of $16.26 per share.

Under the exchange, Z-Tel is offering 25.24216 shares for each share of preferred stock, equivalent to a price of $0.644 per share.

The series G preferreds are convertible into common stock at a conversion price of $1.28 per share. The series G shares have a liquidation preference of $144,974.90 per share.

Under the exchange, Z-Tel is offering 161,469.4 common shares, equivalent to a price of $0.644 per share.

Tampa, Fla.-based Z-Tel is a wire line and broadband telecommunications services provider. On Wednesday, the company's stock closed unchanged at $0.40.

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