Trans-Lux calls 7.5% convertibles

By Angela McDaniels

Seattle, May 26 - Trans-Lux Corp. has called for redemption the $12.2 million outstanding of its 7.5% convertible subordinated notes due Dec. 1, 2006, according to a company news release.

The redemption date is June 15, and holders will receive par plus accrued interest of $3.12.

Holders may convert their convertibles into shares of the company's common stock at a conversion price of $14.013 prior to 5 p.m. ET on June 14. The company's stock (Amex: TLX) closed at $5.60 on Friday.

The Norwalk, Conn., maker of electronic information displays held an exchange offer for the convertibles in March.

Holders who exchanged received 8.25% limited convertible senior subordinated notes due 2012, which have a later call date and a lower conversion price of $9.00 per share instead of the $14.013 on the existing notes.

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