Cary-based BluePhoenix (www.bphnx.com), a software company which helps companies update software and networking infrastructure, has raised approximately $35 million in a private stock placement. The Company plans to retire approximately $32 million in existing debt, and net proceeds remaining after the retirement of the debt will be used for general corporate purposes. The net effect of retiring the debt is the elimination of around $2.3 million in annual interest payments.
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