By Laura Lutz
Des Moines, Dec. 31 - I-many, Inc. arranged a $17 million private placement of senior convertible notes, according to an 8-K filing with the Securities and Exchange Commission.
The notes mature on Dec. 31, 2012 and bear interest at 6.5% per year. They are convertible into common stock at $3.8192 per share.
Interest is payable quarterly.
The notes are callable at any time, beginning on Dec. 31, 2010. The investors will also have a put option on that date.
In either case, the redemption amount will be the applicable conversion price plus accrued interest.
Conversion will be automatically forced if the closing price of I-many's stock exceeds $7.6384 for 20 of any 30 consecutive trading days.
Proceeds will be used for general corporate purposes.
I-many is a supplier of internet-enabled business-to-business financial settlement services based in Edison, N.J.
| Issuer: | I-many, Inc.
|
| Issue: | Senior convertible notes
|
| Amount: | $17 million
|
| Maturity: | Dec. 31, 2012
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion price: | $3.8192
|
| Call: | Beginning on Dec. 31, 2010; at par plus accrued interest
|
| Put: | On Dec. 31, 2010; at par plus accrued interest
|
| Pricing date: | Dec. 31
|
| Settlement date: | Dec. 31
|
| Stock symbol: | Nasdaq: IMNY
|
| Stock price: | $3.34 at close Dec. 28
|
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