Telex Communications begins exchange offer for 13% notes

New York, Oct. 23 - Telex Communications, Inc. (Ca) said that its newly formed Telex Communications Intermediate Holdings, LLC subsidiary is offering to exchange new 13% senior subordinated discount notes due 2009 for the company's existing 13% senior subordinated discount notes due 2006, as part of a refinancing of its existing debt.

Telex, a Minneapolis-based audio technology company, also said in its filing with the Securities and Exchange Commission that as part of the refinancing, the indenture governing the 2006 notes will be amended to delete substantially all of its covenants.

Further, Telex Newco Inc., a newly formed subsidiary of Telex Communications Intermediate Holdings which will be renamed Telex Communications, Inc., is offering $125 million principal amount of new five-year senior secured notes for sale, and substantially all of the assets and liabilities of the current Telex Communications will be contributed to Telex Newco, other than any of the 2006 notes which are not tendered in the exchange offer.

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