Infocrossing says 4% notes remain convertible

By Susanna Moon

Chicago, Aug. 30 - Infocrossing, Inc. said holders of its 4% convertible senior notes due 2024 may continue to convert their securities into shares.

The notes are convertible from Sept. 3 until 15 days after the merger with Roxy Acquisition Corp. The merger is expected to occur following Roxy's tender offer to buy all of Infocrossing's outstanding shares. The offer began on Aug. 17.

If a change of control occurs in connection with the tender offer, investors who surrender their notes for buyback will get a make-whole premium.

Infocrossing said on July 25 that its 4% notes were convertible after its stock closed above 130% of the applicable conversion price for at least 20 out of 30 consecutive trading days ended June 30, the last day of the previous quarter.

As previously reported, the notes were priced in June 2004 with a conversion premium of 21%, a conversion price of $15.36 and a conversion ratio of 65.1042.

The trustee is Wells Fargo Bank, NA.

Infocrossing is an information technology outsourcing company based in Leonia, N.J.

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