Raining Data gets OK for partial early redemption of convertible issued to Astoria Capital

By Ted A. Knutson

Washington, Dec. 20 - Raining Data Corp. has been given the option to partially redeem a $22.1 million principal amount 5% convertible subordinated note due 2008 and the payment-in-kind notes as interest issued to Astoria Capital Partners LP for $2.67 million prior to January 30. Previously, no redemption before that date was allowed. The $2.67 million is equal to the value of the warrant.

The new alternative for Raining Data comes in an agreement signed on Dec. 14 by the company and Astoria amending terms of the convertible note and a common stock warrant purchase.

The convertible note was issued on Jan. 30 last year

The announcement was made by Raining Data, an Irvine, Calif.-based software company in an 8-K registration with the Securities and Exchange Commission.

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