LTX-Credence buys back $69.3 million 3.5% convertibles

By Jennifer Chiou

New York, Oct. 14 - LTX-Credence Corp. repurchased $69.3 million of its 3.5% convertible senior subordinated notes due 2010 at a discount during the first fiscal quarter of 2009, according to an 10-K filing with the Securities and Exchange Commission. The quarter began on Aug. 1.

On Sept. 4, the company changed the conversion price of the notes to $13.46 from $8.25.

LTX-Credence was formed by the Aug. 29 merger of Credence Systems Corp. and LTX Corp. The convertibles were issued by Credence Systems in December 2006.

At the time of the completion of the merger, Credence had $122.5 million of the 3.5% convertibles outstanding.

The convertibles have net share settlement provisions that, upon conversion, require the company to pay cash for up to the principal amount of the converted notes and to settle any excess amounts in shares of LTX-Credence common stock.

LTX-Credence is based in Milpitas, Calif., and provides automated test equipment solutions to the wireless, computing, automotive and entertainment markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.