text: The effective interest rate relating to the aforementioned notes payable was 13.09% for 2000 and 1999. The interest expense was 
  a p p roximately $8.8 million and $9.5 million for the years ended December 31, 2000 and 1999, re s p e c t i v e l y. 
  
  **(12) Private Placement of Common Shares**
  
  In July 2000, the Company entered into subscription agreements for the sale of 877,946 new common shares of the Company. Closing with 
  respect to such sale took place on July 14, 2000 and August 29, 2000. These agreements were signed with accredited investors in 
  transactions exempt from registration pursuant to the exemptions provided in Section 4(2) and Regulation D of the Act. The purchase price 
  of each share was $6.97. The aggregate amount of proceeds to the Company from the private placement was $6.1 million. 
  
  In April 2000, the Company entered into two separate subscription agreements for the sale of an aggregate of 354,777 new common share s 
  of the Company. Of the total new shares, closing with respect to 254,777 shares took place on April 10, 2000, and closing with respect to 
  100,000 shares took place on May 4, 2000. These agreements were signed with certain foreign persons in transactions exempt fro m 
  registration under the United States Securities Act of 1933 (the “Act”) pursuant the exemption provided in Regulation S of the Act. The 
  weighted average purchase price of each share was $7.50. The aggregate amount of proceeds to the Company from the private placement 
  was $2.7 million. Under each of the agreements, for each two shares of common stock purchased in the private placement, the accre d i t e d 
  investors were issued one warrant, expiring in each case on the one year anniversary date of the subscription agreement, to purchase a share 
  of Euronet common stock at a weighted average exercise price of $12.50. 