WESTBOROUGH, Mass.-Arch Communications Group Inc. said it has completed transactions with two bondholders, issuing stock in exchange for bonds and reducing the company’s total debt by $25 million.
Specifically, Arch issued 1.5 million shares of common stock in exchange for $21.4 million of 10.875-percent senior discount notes due 2008, and 285,715 shares of common stock for $3.5 million of 6.75-percent convertible subordinated debentures due 2003.
Arch said it has $959,000 of convertible debt outstanding after the transactions.
