By Sheri Kasprzak
New York, Feb. 7 - Conversion Services International, Inc. said it has completed a private placement of $1 million in a secured non-convertible term note and $10 million in a secured non-convertible revolving note.
The notes were purchased by Laurus Master Fund, Ltd.
The notes mature Dec. 31, 2007 and bear interest at Prime plus 100 basis points with a 5% floor.
Laurus also received options for up to 3.08 million shares. The terms of the options could not be determined Tuesday.
Based in East Hanover, N.J., Conversion Services provides data warehousing, business intelligence and data analysis services.
| Issuer: | Conversion Services International, Inc.
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| Issue: | Secured non-convertible term note and secured non-convertible revolving note
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| Amount: | $11 million
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| Maturity: | Dec. 31, 2007
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| Coupon: | Prime plus 100 basis points, 5% floor
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| Options: | For up to 3.08 million shares
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | Feb. 1
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| Stock symbol: | AMEX: CVN
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| Stock price: | $1.25 at close Feb. 1
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