Ptek prices $75 million convertibles to yield 5%, up 28%

New York, Aug. 7 - Ptek Holdings, Inc. said it priced $75 million of convertible notes due 2008 to yield 5% with a 28% initial conversion premium.

The deal came with the yield at the cheap end of talk of 4.5% to 5% and a conversion premium much lower than talk of 32.5% to 37.5%.

The conversion ratio is 149.3786 and the conversion price $6.69.

Bookrunner for the Rule 144A offering is CIBC World Markets.

The deal has a $10 million greenshoe.

Proceeds will be used to repurchase in the open market or redeem part of Ptek's existing 5¾% convertible subordinated notes due 2004.

Ptek is an Atlanta provide of business communications services.

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