Trans-Lux to exchange $108,000 7½% convertibles for 8¼% convertibles

By Jennifer Chiou

New York, March 14 - Trans-Lux Corp. said it will issue $108,000 of 8¼% limited convertible senior subordinated notes due 2012 in exchange for $108,000 of its 7½% convertible subordinated notes due 2006.

The exchange offer ended at 5 p.m. ET on March 13. The exchange previously was set to end at 5 p.m. ET on March 6.

As previously reported, the new notes pay a higher interest rate than the existing notes, have a longer maturity, a later call date and a lower conversion price of $9.00 per share instead of the $14.013 on the existing notes. The new notes are convertible through March 1, 2007.

The 8¼% notes have been listed on the American Stock Exchange since 2004 when the company issued $17.868 million of them in a similar exchange for its 7½% notes.

Company directors owning $40,000 of the existing notes had indicated they would participate in the offer.

The Norwalk, Conn., maker of electronic information displays began the offer on Feb. 6.

© 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.