December 30, 2009 (FinancialWire) — Global Axcess Corp (OTCBB: GAXC), a provider of self-service kiosk solutions, said that it has refinanced $1.2 million in 9% debenture notes due in October 2010.

According to Global, the refinancing reduces the company’s working capital requirements for 2010 by extending the maturity date of the notes by 15 months without any pre-payment penalty.

The transaction is related to subordinated, unsecured debentures of approximately $1.2 million provided by certain stockholders with interest-only payments made quarterly at a rate of 9%, with balloon payments previously due October 28, 2010.

Under the new terms, the note will be a three-year amortization with a balloon payment due January 31, 2012 carrying an interest rate of 4.96%. A loan from SunTrust Bank (NYSE: STI) has been used to pay off the debt.

As a result of the early repayment of these notes, the company expects approximately $40,000 in 2010 interest savings due to the lower interest rate of the loan. Additionally, there will be the elimination of warrants for 345,000 shares of the company’s common stock, which were issued in relation to these notes.

Jacksonville, Florida-based Global Axcess provides ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services.

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