Trans-Lux to accept all convertibles tendered

New York, April 1 - Trans-Lux Corp. said it will now accept all of its existing 7½% convertible subordinated notes due 2006 that are tendered in its 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 has extended the previously announced exchange offer for its existing 7½% convertible subordinated notes due 2006.

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.

At the same time it said holders had tendered $6.453 million principal amount of the existing convertibles.

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 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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