MoneySwap issues 1.1m dollars of convertible loans notes

Money Swap Exchange, a wholly-owned subsidiary of Asia-focused prepaid card and online payment services provider MoneySwap, issued convertible loan notes totalling 1.1m dollars, according to an announcement made by the company on Friday morning.

The funds received from the loan notes will be used to invest in the group's IT and payment systems as well as to continue to develop the group's new lines of business in co-operation with China UnionPay. Any remaining funds will be used for general working capital purposes.

The loan notes bear the same principal terms as those announced on December 19th 2012 and carry a 10% annual coupon with a maturity date in two years' time, at which point the loan note holders may request repayment of the outstanding principal, plus any accrued interest.

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Chee Boon Lee, Chief Financial Officer of MoneySwap, said: "We are delighted to successfully secure these additional loan notes, which help us to invest further in the necessary IT and payment system development, as well as increase the marketing effort that is required to expand our relationship with China UnionPay."

MF