Primus to issue step-up convertibles due 2009 for 5¾% convertibles due 2007

By Jennifer Chiou

New York, Feb. 8 - Primus Telecommunications Group, Inc. may issue up to $50.119 million of new step-up convertible subordinated debentures due 2009 in exchange for its 5¾% convertible subordinated debentures due 2007, according to a T-3 filing with the Securities and Exchange Commission.

The new securities will be offered on a one-for-one basis for the existing convertibles.

McLean, Va., communications company added that the issue amount will depend on the number of 5¾% convertibles exchanged.

Primus said a holder of a majority of the 5¾% convertibles approached the company about the potential exchange.

The company added it may also issue new debentures to all 5¾% noteholders, but does not have plans to do so.

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