Velocity greenshoe exercised, upping convertible perpetual preferreds issue to $13.8 million

By Jennifer Chiou

New York, June 6 - Velocity Asset Management Inc. said its $1.8 million greenshoe was fully exercised, augmenting its issue of convertible perpetual preferred shares to $13.8 million.

The securities priced on May 15 at a dividend of 10% and an initial conversion premium of 31.579%.

The preferreds were offered at $10.00 apiece and may be converted into Velocity common stock at $2.50 per common share.

The preferreds have a contingent conversion threshold at 135% of the conversion price.

Velocity is a Ramsey, N.J.-based trader of distressed assets.

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