Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
LTX-Credence offers cash, new convertibles in exchange for 3.5% convertibles due May 2010
By Angela McDaniels
Tacoma, Wash., April 22 - LTX-Credence Corp. has begun an exchange offer for its 3.5% convertible senior subordinated notes due May 15, 2010, according to a company news release.
For each $1,000 principal amount of old convertibles exchanged, LTX-Credence is offering $750 principal amount of 3.5% convertible senior subordinated notes due May 15, 2011, $199.6875 in cash and accrued interest up to but excluding the settlement date.
The company said the terms of the new convertibles will be substantially the same as the terms of the old convertibles except for the maturity date and the requirement that LTX-Credence pay a premium of 7.5% at maturity in addition to principal and interest.
As of April 21, the principal amount of old convertibles outstanding was $33.3 million.
LTX-Credence said Tradewinds Global Investors, LLC, an investment adviser to clients that beneficially own 93.7% of the convertibles outstanding as of April 17, has agreed to instruct and use reasonable efforts to cause all of its clients to participate in the offer.
The exchange offer will expire at 5 p.m. ET on May 20.
Bank of New York Mellon Trust Co., NA (212 815-3738) is the exchange agent.
Formed by the 2008 merger of LTX Corp. and Credence Systems Corp., LTX-Credence is a Milpitas, Calif.-based maker of automated test equipment solutions for the wireless, computing, automotive and entertainment markets.
The convertibles were issued by Credence Systems in December 2006.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.