By Sheri Kasprzak
New York, Dec. 6 - Conversion Services International, Inc. has restated and amended a secured revolving convertible note for $5.5 million and amended the terms of two other notes held by Laurus Master Fund, Ltd.
The company extended the principal amount of the secured revolving note to $5.5 million from $4.5 million and reduced the conversion price to $1.00 from $2.10. The note, which was originally issued on Aug. 16, 2004, bears interest at Prime plus 100 basis points and matures on Aug. 15, 2007. Laurus originally bought $4 million in principal of the note, but on July 28, the principal was increased to $4.5 million.
The company also reduced the conversion price on a $2 million secured convertible minimum borrowing note to $0.65 from $2.10 and reduced the conversion price on a $749,000 secured convertible term note to $1.00 from $2.10.
The secured convertible minimum borrowing note also matures on Aug. 15, 2007 and bears interest at Prime plus 100 bps.
The term note, first issued in the principal amount of $5 million on Aug. 16, 2004, matures on Aug. 15, 2007 and bears interest at Prime plus 100 bps.
Based in East Hanover, N.J., Conversion Services provides data warehousing, business intelligence and data analysis services.
| Issuer: | Conversion Services International, Inc.
|
| Issue: | Secured revolving convertible note
|
| Amount: | $5.5 million
|
| Maturity: | Aug. 15, 2007
|
| Coupon: | Prime plus 100 basis points
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Nov. 30
|
| Stock price: | $0.60 at close Nov. 30
|
|
|
| Issuer: | Conversion Services International, Inc.
|
| Issuer: | Secured convertible minimum borrowing note
|
| Amount: | $2 million
|
| Maturity: | Aug. 15, 2007
|
| Coupon: | Prime plus 100 basis points
|
| Conversion price: | $0.65
|
| Warrants: | No
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Nov. 30
|
| Stock price: | $0.60 at close Nov. 30
|
|
|
| Issuer: | Conversion Services International, Inc.
|
| Issue: | Secured convertible term note
|
| Amount: | $749,000
|
| Maturity: | Aug. 15, 2007
|
| Coupon: | Prime plus 100 basis points
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Nov. 30
|
| Stock price: | $0.60 at close Nov. 30
|
|
|
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