Subex gets holder approval to extend maturity of 2% convertibles

By Angela McDaniels

Tacoma, Wash., March 6 - Subex Ltd. extended the maturity date of its $39 million of outstanding 2% convertible bonds to July 9, 2012 from March 9, 2012, according to a company filing with the London Stock Exchange.

Bondholders voted to approve the extension at a meeting in Singapore on March 6.

On Feb. 27, Subex said it is working on a complete restructuring of the convertibles with the existing bondholders. The plan is expected to be completed in three to four months in two steps. The first step is the extension of the maturity date. The second step is expected to result in some of the bonds being converted to equity.

Subex provides business support systems for communications service providers and is based in Bangalore, India.

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