Ptek to redeem $25 million more 5¾% convertibles

New York, Nov. 25 - Ptek Holdings Inc. said it will redeem a further $25 million principal amount of its 5¾% convertible notes due July 2004.

The Atlanta provider of business communications services will use borrowings from a new $60 million three-year credit facility with LaSalle Bank NA and Bank of America NA to fund the redemption.

Following the transaction, Ptek will have $15 million of the convertibles outstanding.

Ptek previously redeemed $10 million of the convertibles on Nov. 17, funding the redemption with cash on hand.

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