Trans-Lux exchanges $16.71 million convertibles

New York, April 15 - Trans-Lux Corp. said it exchanged $16.71 million principal amount of its 7½% convertible subordinated notes due 2006 for a like amount of new 8¼% limited convertible senior subordinated notes due 2012.

Trans-Lux said on April 1 that it would accept all of its existing 7½% convertibles in the exchange offer instead of setting an upper limit of $15 million principal amount.

As of March 31, the company had received tenders of $17.145 million out of the $30.177 million outstanding.

On March 31 Trans-Lux said it extended the previously announced offer.

The offer will 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.

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

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 indicated they will accept the exchange.

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