Richardson Electronics repurchases $14 million in convertible notes

By Sheri Kasprzak

New York, Aug. 16 - Richardson Electronics, Ltd. repurchased $14 million in outstanding senior subordinated convertible notes.

The company repurchased $6 million in outstanding notes held by Portside Growth and Opportunity Fund and Ramius Capital Group, LLC for $6.42 million.

Richardson also repurchased $8 million in notes held by Whitebox Advisors, LLC; Whitebox Intermarket Partners LP; Whitebox Diversified Convertible Arbitrage Partners, LP; Whitebox Convertible Arbitrage Partners, LP; Pandora Select Partners, LP; Guggenheim Portfolio XXXI, LLC; and HFR RVA Combined Master Trust for $8.84 million.

The 8% notes due 2011 were first issued in principal of $25 million in November 2005.

Richardson, based in Lafox, Ill., distributes electronic products through radio frequencies.

The stock gained 3.14%, or 22 cents, to close at $7.22 Wednesday (Nasdaq: RELL).

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