BIODYNAMICS CONVERTS BONDS TO RAISE CAPITAL
The European convertible debt holders of Biodynamics InternationalInc. have agreed to convert half their bonds into preferred stock in theU.S. company. This provides the company with $3 million in newcapital. In exchange, the bondholders received 300,000 shares ofpreferred stock at a price of $11 per share. U.S. convertible debtholders were not involved.This transaction raised the net worth of the company to $3.5 million,and allowed it to reduce its annual interest expense by about $300,000.Dave Nichols, Biodynamics' vice president for finance, said the actionwas taken to meet NASDAQ's capital and surplus requirement of $1million. NASDAQ had granted the Tampa, Fla. company a three-month temporary exception to raise this amount. Nichols saidBiodynamics had fallen below the $1 million level because offluctuating exchange rates and costs associated with Biodynamics' $17million acquisition of its European subsidiary in May 1993.Biodynamics (NASDAQ: BDYN) is a provider of specialty surgicalproducts. _ Philippa Maister
(c) 1997 American Health Consultants. All rights reserved.