Access Worldwide Communications extends maturity on 5% convertibles

By Sheri Kasprzak

New York, Oct. 18 - Access Worldwide Communications, Inc. has extended the maturity date on 5% convertible promissory notes first issued in July 2003.

The notes are now due Oct. 1, 2009, pushed back from Oct. 15, 2006.

The conversion rate of the notes was also amended. The notes are now convertible into two common shares per dollar in principal. The notes were originally convertible on the basis of one common share per dollar in principal.

Before the amendments were made to the notes, holders of $2.1 million in principal of the notes were contacted to either convert their principal or receive a payout of principal plus interest. The holders also had the option to reinvest their principal in the note in return for the additional consideration set forth in the amendment.

Of the $2.1 million, only $115,000 was paid in full. The holders of $1,985,000 in principal chose to reinvest their notes.

Access Worldwide, based in Arlington, Va., provides outsourced marketing services.

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