DDi exchanges 232,067 shares, cash for all series B preferreds

By Jennifer Chiou

New York, Nov. 2 - DDi Corp. paid $5.5 million in cash and issued 731,737 shares in exchange for all 232,067 shares of its series B convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The Anaheim, Calif., provider of electronics manufacturing services entered into agreements with Deutsche Bank AG, London Branch, Manchester Securities Corp., Contrarian Funds LLC and Cohanzick Absolute Return Master Fund, Ltd.

In September, DDi redeemed 175,809 shares after puts of the securities, paying $8.3 million in cash plus accrued dividends.

In other news, on Oct. 23, the company completed the acquisition of Sovereign Circuits, Inc. for $5,153,180 in cash and 1,201,964 shares, plus the assumption of Sovereign's net debt of $2.5 million.

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