Stock Watch: Note Redemptions Boost RoweCom

RoweCom, Inc. (Nasdaq: ROWE) advanced 1 1/8 to 5 1/4 Tuesday after announcing that two noteholders would redeem $16.1 million in outstanding balances.

The company said it will make a series of cash payments by June 9th to redeem the notes plus accrued interest. The holders, who over the past four trading days converted about $5.7 million of principal and interest into about 1.5 million shares, have agreed not to convert any more of their notes, RoweCom said.

The agreement “resolves a difficult situation that was exacerbated by recent market volatility,” said Chairman and Chief Executive Officer Richard R. Rowe.

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