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Global Imaging Directors Authorize Redeeming Convertible Notes, $150 Million Stock Repurchase Program and Recasting of Company's Debt.

Publication: PR Newswire
Publication Date: 09-MAY-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
TAMPA, Fla., May 9 /PRNewswire/ -- Global Imaging Systems, Inc. announced that its Board of Directors today authorized the following measures related to the company's capital structure:



* Redemption of its 4% convertible senior subordinated notes due 2008, principal balance of $57.5 million, * Common stock repurchases up to $150 million over a three-year period, and * Recasting the company's senior credit facility.

Executive Vice President and CFO Ray Schilling said, "Redeeming the notes at this time takes advantage of the company's strong financial position. We can redeem the notes at 101.6 percent of par value. Because the notes are currently trading...

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