Primus Telecommunications swaps $5 million of step-up convertibles for stock

By Angela McDaniels

Seattle, June 8 - Primus Telecommunications Group, Inc. exchanged 6 million shares of its common stock for $5 million of its step-up convertible subordinated debentures due 2009 on Wednesday, according to an 8-K report filed with the Securities and Exchange Commission on Friday.

Following the exchange, there are $22.5 million of the convertibles outstanding.

The McLean, Va., communications company estimated that the exchange will save it $0.8 million of interest expense through maturity.

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