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Galaxy Energy cuts conversion price, extends maturity on senior notes
By Sheri Kasprzak
New York, Dec. 2 - Galaxy Energy Corp. said holders of $20 million in principal of senior secured convertible notes have agreed to extend the maturity and lower the conversion price on the notes.
The notes will now mature July 1, 2007 and will be convertible into common shares at $1.25 each.
The notes, which were issued on Aug. 19, 2004, had originally been due on Feb. 19, 2007 and were initially convertible into common shares at $1.87 each.
The investors also agreed to defer the monthly installment payments on the notes to April 1, 2006.
Connected to the amendments, the strike price of the warrants issued with the notes back in 2004 will also be reduced to $1.25. The warrants had been exercisable for three years at $1.54 each.
Based in Denver, Galaxy is an oil and natural gas exploration company.
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