Ptek greenshoe exercised, raising convertibles to $85 million

New York, Aug. 18 - Ptek Holdings, Inc. said underwriters of its recent offering of convertible subordinated notes due 2008 exercised the $10 million over-allotment option in full, raising the size of the deal to $85 million.

The Atlanta provider of business communications services originally sold $75 million of the securities after the market closed on Aug. 7 to yield 5.0% with a 28% initial conversion premium.

CIBC World Markets was lead manager of the Rule 144A offering.

Proceeds are earmarked to repurchase or redeem Ptek's existing 5.75% convertible notes due July 2004.

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