Trans-Lux extends exchange for 7½% convertibles

New York, March 31 - Trans-Lux Corp. said it has extended its previously announced exchange offer for part of its existing 7½% convertible subordinated notes due 2006.

The offer will now expire at 5 p.m. ET on April 14, pushed back from 5 p.m. ET on March 31.

The company said it was extending the offer to allow more time for holders to tender and to facilitate completion.

By March 31, holders had tendered $6.453 million principal amount of the existing convertibles, Trans-Lux said.

As previously announced on March 2, Trans-Lux is offering new 8¼% limited convertible senior subordinated notes due 2012 on a one-for-one basis for the existing securities.

Trans-Lux will accept up to $15 million principal amount of the existing notes or 49.7% of the $30.177 million outstanding. If more than $15 million are tendered then the company will accept the securities on a pro rata basis. If less than $4 million are tendered, Trans-Lux has the right not to go ahead with the exchange.

Trans-Lux said the new notes will be senior to the existing convertibles and to its 9½% subordinated notes due 2012 and will have a higher coupon, a longer maturity, a later call date and a lower conversion price compared to the existing notes. The new securities will be convertible through March 1, 2007, later than the maturity of the existing notes. The conversion price is $9.00 per share compared to $14.013 for the old notes.

Trans-Lux, a Norwalk, Conn., maker of electronic information displays, said company directors that hold $110,000 of the existing convertibles have indicated they will accept the exchange.

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