LTX-Credence raises conversion price for Credence Systems' 3.5% convertibles

By Angela McDaniels

Tacoma, Wash., Sept. 4 - LTX-Credence Corp. changed the conversion price of its 3.5% convertible senior subordinated notes due 2010 to $13.46 from $8.25, according to an 8-K filing with the Securities and Exchange Commission.

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.

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 stock closed at $2.15 (Nasdaq: LTXC) on Thursday.

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

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