Infocrossing to sell $60 million 20-year convertible senior notes

Nashville, June 23 - Infocrossing Inc., a provider of selective IT and business processing solutions, announced Wednesday that it plans to sell $60 million of 20-year convertible senior notes in a private placement.

There is a $12 million greenshoe available.

Proceeds are slated to repay $40 million of outstanding debt that bears an interest rate of 9%, to fund potential acquisitions and for general corporate purposes.

The notes will be non-callable for five years and then at par. From Jan. 15, 2007 until July 15, 2009 there will be a provisional call.

Also Wednesday, Infocrossing announced financial guidance for the remainder of 2004 and 2005, forecasting 2004 revenue of $95.4 million with net income of $7.6 million, or 40 cents per diluted share, and 2004 revenue of $132 million to $135 million with net income of $17.9 million to $18.6 million, or 86-89 cents per diluted share.

EBITDA for 2004 was projected at $20.2 million and for 2005 at between $36.7 million and $37.7 million.

Infocrossing shares ended Wednesday unchanged at $13.25.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.