New Issue: MarketAxess pockets $35 million from convertible preferreds sale

By Devika Patel

Knoxville, Tenn., June 3 - MarketAxess Holdings Inc. raised $35 million in a private placement of its series B preferred stock on June 2, according to a company news release and an 8-K filed Tuesday with the Securities and Exchange Commission.

The company sold 35,000 preferreds at $1,000 per share to TCV VI, LP and TCV Member Fund, LP. The preferreds are convertible into 3.5 million common shares at an initial conversion price of $10.00.

The investors also received warrants for 700,000 common shares, exercisable at $10.00 for 10 years.

MarketAxess is a New York-based provider of corporate-bond and other fixed-income trading platforms used by institutional investors.

Issuer:	MarketAxess Holdings Inc.
Issue:	Series B preferred stock
Amount:	$35 million
Shares:	35,000
Price:	$1,000
Conversion price:	$10.00
Conversion ratio:	Into 3.5 million common shares
Warrants:	For 700,000 shares
Warrant expiration:	10 years
Warrant strike price:	$10.00
Investors:	TCV VI, LP, TCV Member Fund, LP
Settlement date:	June 2
Stock symbol:	Nasdaq: MKTX
Stock price:	$7.49 at close June 2

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