April 28, 2009 / 8:15 AM / 10 years ago

UPDATE 1-CBaySystems, Philips extend term of bridge loan

* Terms of $26 mln bridge loan note extended to Sept. 30

* Loan formed part of MedQuist stake deal (Adds details)

April 28 (Reuters) - CBaySystems Holdings Ltd CBAY.L said on Tuesday it had agreed with Philips Electronics NV (PHG.AS) to extend the term of a $26.2 million bridge loan note to Sept. 30.

CBaySystems, a holding company with investments in medical transcription, healthcare technology and healthcare financial services, said the bridge loan note formed part of the aggregate consideration paid by CBay Inc to buy a 69.5 percent stake in transcription provider MedQuist Inc MEDQ.O from Philips.

Philips had sold its stake in MedQuist to CBaySystems for about $285 million last year.

CBaySystems shares closed at 33.5 pence on Monday on the London Stock Exchange. (Reporting by Usman Merchant in Bangalore; Editing by Gopakumar Warrier)

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