TranSwitch exchanges 8.85 million shares, $100,000 cash for $11.5 million of convertibles

By Ted A. Knutson

Washington, Nov. 19 - TranSwitch Corp. said late Thursday it changed 8.85 million shares of its common stock in exchange for $11.5 million principal amount of its 5.45% convertible Plus Cash notes due 2007.

The Shelton, Conn. chipmaker also paid $100,000 in cash in lieu of accrued and unpaid interest

The transaction took place Nov. 18.

The company noted that it may enter into similar exchange transactions to reduce future interest payments as well as future amounts due at maturity or redemption.

TranSwitch stock closed at $1.26 Thursday.

The announcement was made in an 8-K filing with the Securities and Exchange Commission.

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