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TranSwitch to exchange $25.7 million 5.45% convertibles for stock and cash
New York, Oct. 31 - TranSwitch Corp. said it has agreed to exchange $25.7 million of its 5.45% PlusCash notes due 2007 for stock and cash.
The Shelton, Conn., chipmaker will issue 4,186,534 shares plus $19.2 million in cash to Langley Partners, LP, the holder, in exchange for the notes and accrued interest.
As part of the agreement, TranSwitch will not exchange any more notes through Nov. 25 without Langley's consent or buy back any notes through Dec. 9.
The exchange, agreed on Oct. 29, reduces the outstanding notes to $54.8 million.
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