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Top Image sets out plans to pay down series A convertible debentures
By Jennifer Chiou
New York, Jan. 4 - Top Image Systems Ltd. established at a Dec. 31 meeting the first payment and plans for remaining payment distributions for holders of its series A convertible debentures, according to a 6-K filing with the Securities and Exchange Commission.
Following the first payment of NIS 11 million total, the company said that the remainder of the debentures will be paid in seven equal payments of NIS 4.7 million each.
The trust note will be amended to reflect that the company is entitled to repay the remainder of the debentures early.
The company filed a notice with the Israeli Securities Authority and the Tel Aviv Stock Exchange on Dec. 31.
The first payment was to be made in a sum of NIS 5.83 million on Dec. 31 plus accrued interest, with an additional NIS 2 million paid within three business days of approval of the settlement. The remainder will be paid no later than June 30.
Top Image added that it may postpone the payment of the second payment for the debentures' fund no later than June 30, 2011, with an annual interest rate of 9% for the postponement period.
Top Image also said that it will look to raise capital via a rights issue or another method.
In May 2009, the company said that its board of directors approved plans to pay up to $2.5 million to repurchase and cancel some of the outstanding securities.
At the meeting, Top Image had planned to discuss repayment of the debentures as well as approval to hire legal counsel and advisers for the trustee of the notes.
The debentures were originally issued on Dec. 18, 2006.
Top Image is a Tel Aviv-based producer of content management software.
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