AMNEX Signs Purchase Agreement for 8 1/2 Percent Convertible Subordinated Notes Due 2002 and Closes on $5.0 Million Revolving Line of Credit.LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--Sept. 11, 1997--AMNEX Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMXI) today announced that it has signed a Purchase Agreement for a Convertible Subordinated Note Offering in the principal amount of $15.0 million, with an over-allotment option of $8.0 million. The Notes, which will bear interest at a rate of 8 1/2 percent per annum Per annum Yearly. , will mature in Sept. 2002 and are convertible into shares of Common Stock of the company, par value $0.001 per share at a conversion price of $2.7844 per share. The offering is being made to certain institutional investors in the United States and certain investors outside the United States. The company has agreed to grant the holders of the Notes registration rights for the Notes and the underlying Common Stock. Application has been made to list the Notes On the Luxembourg Stock Exchange The Luxembourg Stock Exchange (French: Bourse de Luxembourg) is a stock exchange based in Luxembourg City, in southern Luxembourg. . The securities offered will not be registered under the Securities Act of 1933 and neither the Notes nor the underlying Common Shares may be offered or sold in the United States absent registration under the Securities Act or an exemption from the registration requirements thereof. The use of the proceeds of the offering includes the repurchase of certain outstanding convertible promissory notes and preferred shares of the company and prepayment of certain other outstanding promissory notes of the company held by clients of Friedli Corporate Finance AG. In addition, the company announced the closing on Sept. 10, 1997 of a $5.0 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. from The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group/Credit Finance Inc. secured by certain of the company's trade receivables and other assets. At the closing of the financing, approximately $3.0 million was drawn down against the line of credit. AMNEX Inc. is an integrated payphone payphone Noun a coin-operated telephone payphone pay n → Münztelefon nt; (card phone) → Kartentelefon nt and operator services telecommunications company serving both U.S. and international markets. CONTACT: AMNEX, Lake Success Lawrence S. Diamond, 516/326-2540 fax: 516/326-7987 |
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