I-Many to privately sell $17 million in convertible notes |
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Mon, 31 Dec 2007 14:17
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NEW YORK (Thomson Financial) - I-Many Inc. Monday said it had agreed to privately sell $17 million in convertible notes to existing shareholders and affiliated parties.The notes are convertible into shares of the company's common stock at a conversion price of about $3.819, which represents a 17.5% premium to the average closing price for the stock in the five days prior to the announcement.I-Many expects proceeds of $15.9 million from the offering, which will be used for general corporate purposes.The placement is expected to close on Dec. 31.The notes will have an annual interest rate of 6.5%, and will mature on Dec. 31, 2012.I-Many said that if the market value of its stock reaches specified levels, investors can require the conversion of the notes into common stock after Dec. 31, 2009. If there is a change in the control of I-Many, or in certain events of default, the investors can give notice to require redemption at any time on or after Dec. 31, 2010.I-Many is an Edison, N.J.-based healthcare software company. Its stock closed Friday at $3.34.Ryan Vlastelicarv/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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