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Nasdaq OMX convertible notes held by Silver Lake converted to common equity

01 October 2009  |  1219 views  |  0 Source: Nasdaq OMX

The Nasdaq OMX Group (Nasdaq:NDAQ) today announced it has entered into an agreement with Silver Lake to convert The Nasdaq Stock Market LLC 3.75% Series A convertible notes held by various Silver Lake funds into Nasdaq OMX common stock.

In accordance with the terms of the notes, all of the notes held by the Silver Lake funds and one additional individual, with an aggregate principal amount of approximately $119.6 million, were converted into approximately 8.2 million shares of NASDAQ OMX common stock.

"Silver Lake is a valued, long-term shareholder and we are pleased to have their support as we execute on our stated goal of reducing our outstanding debt obligations," said Adena Friedman, Chief Financial Officer, NASDAQ OMX. "This transaction is the most recent action taken that has enabled us to reduce total debt obligations by approximately $450 million this year alone."

Mike Bingle, a Managing Director of Silver Lake, added: "Since Silver Lake's investment in 2005, management has achieved impressive growth, global thought leadership, and a long list of important innovations. As shareholders we are pleased that the conversion of our notes will further strengthen the company's balance sheet."

In return, NASDAQ OMX paid an aggregate of approximately $9.8 million in cash (including approximately $800,000 in accrued interest payments through September 30, 2009) to the converting noteholders and their affiliates, and agreed to issue to the converting noteholders NASDAQ OMX Series A Convertible Preferred Stock valued at $16 million at the time of issuance.

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