Wednesday, March 28, 2007

Vyyo Secures New Funding from Goldman Sachs

Vyyo, a supplier of broadband access equipment for cable system operators, announced new funding from Goldman, Sachs & Co., an existing investor. The deal includes $17.5 million in new funding and an additional $17.5 million to pay off the aggregate of notes issued to Goldman Sachs in 2006. The total financing of $35 million consists of a five-year unsecured note convertible into Vyyo common stock at $10 per share, a premium of 34% over the closing price of Vyyo's common stock on March 27th. The convertible note will bear a 5% annual interest rate.

The announcement follows two key events for Vyyo: Its selection as a vendor partner by StarHub, which passes one million homes in Singapore; and the announcement that prominent cable executives Jim Chiddix and Wayne Davis have joined the company as vice-chairman and CEO, respectively.


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