Otra Securities to Sell Convertible Debentures

Otra Securities Group Inc., a Glendale-based financial services concern, plans to sell $5 million of convertible debentures, debt that is convertible to common stock under certain conditions.

Otra provides securities clearing and other services to securities broker-dealers nationwide, makes markets in certain publicly traded stocks, and provides transfer agency services to companies whereby it maintains records of their stock and bondholders.

In a filing with the Securities and Exchange Commission, Otra said it would use proceeds from the offering to increase the business of its broker-dealer subsidiary. Otra also said it would underwrite the offering itself.