Pegasus Solutions' 3.875% convertibles become putable

By Jennifer Chiou

New York, May 8 - Pegasus Solutions, Inc. announced holders of its 3.875% convertible senior notes due 2023 have the right to require Pegasus to purchase any or all of the notes.

The change occurred as part of the Dallas company's acquisition by an investor group led by Prides Capital Partners, LLC, including entities affiliated with Prides, Tudor Investment Corp. and Belfer Management.

Pegasus said it will pay 100% plus accrued interest up to June 26, the purchase date, for any put securities.

The company said holders should present their notes by June 20 to JPMorgan Chase Bank, the paying agent.

Pegasus, a provider of technology and services to hotels and travel distributors, said that holders who do not elect to require Pegasus to purchase their notes will maintain the right to convert their notes until June 27 at a conversion price of $471.97 in cash per $1,000 principal amount of notes.

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