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AccessIT Completes Private Placement of $22 Million 8.5% Senior Unsecured Notes With Institutional Investors.

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

Article Excerpt
MORRISTOWN, N.J., Oct. 6 /PRNewswire-FirstCall/ -- Access Integrated Technologies, Inc. ("AccessIT" or the "Company") announced today that it has completed the private placement of $22 million in 8.5% Senior Unsecured Notes. The one-year Notes were purchased by existing institutional investors and may be extended for up to 180 days at the sole discretion of the Company as long as certain market conditions are satisfied. The Notes will also provide the investors with shares of Class A common stock of the Company, paid as additional interest at a rate of 2.125 shares per $1,000 principal value of Notes paid quarterly, subject to adjustment. The Notes...

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