Advanced Medical Inc. (ASE) announces agreement to exchange about 47% of its Convertible Subordinated Debentures.SAN DIEGO--(BUSINESS WIRE)--Feb. 6, 1995--Advanced Medical Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AMA (Automatic Message Accounting) The recording and reporting of telephone calls within a telephone system. It includes the calling and called parties and start and stop times of the call. ) announced Monday that it has entered into an exchange agreement with various funds (the "Fidelity Funds") managed by Fidelity Management & Research Company, which hold a total of $28,245,000, or approximately 47%, in principal amount of Advanced Medical's 7 1/4% Convertible Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before due 2002. Under the exchange agreement, the Fidelity Funds will surrender their 7 1/4% Debentures in exchange for an aggregate of 1,340,441 shares of AMA's common stock and $14,122,500 in principal amount of AMA's newly-created 15% Subordinated Debentures. The 15% Debentures, which become due in 1999, otherwise will rank equally with Advanced Medical's outstanding 7 1/4% Debentures. Consummation of these transactions is subject to, among other things, the qualification of the indenture for the new 15% Debentures under the Trust Indenture Act of 1939. Advanced Medical Inc., through its IMED IMED International Medical Education Directory Corp. subsidiary, is one of the country's largest manufacturers of intravenous infusion pumps infusion pump A device designed to deliver drugs and/or 'biologicals', at low doses and at a constant or controllable rate; ↑ rates of delivery in such devices may be associated with local hemolysis, compromising the potential benefits of a calibrated delivery and disposable administration sets. CONTACT: Advanced Medical Inc. Joseph W. Kuhn, 619/566-0426 |
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