By Laura Lutz
Des Moines, June 28 - Vyke Communications plc secured £2 million from an issue of unsecured convertible bonds.
The 0% bonds mature on June 28, 2013 and will have a yield to maturity of 4.5%.
Beginning on Sept. 28, the bonds will be convertible into common shares at 2.15p per share.
Holders may put their bonds for 104.5% of par on June 28, 2008. At the end of each three-month period thereafter, holders may put the bonds for an amount calculated on the basis of a yield to maturity of 4.5%.
Proceeds will be used for working capital and to redeem bonds issued on July 10, 2006.
Vyke is a voice over internet protocol service provider based in London
| Issuer: | Vyke Communications plc
|
| Issue: | Unsecured convertible bonds
|
| Amount: | £2 million
|
| Maturity: | June 28, 2013
|
| Coupon: | 0%
|
| Price: | Par of £10,000
|
| Yield to maturity | 4.5%
|
| Conversion price: | 2.15p
|
| Put: | On June 28, 2008 and at end of each three-month period thereafter for amount calculated based on yield to maturity of 4.5%
|
| Settlement date: | June 28
|
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