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LTX exchanges $27.2 million 4.25% convertibles for new securities
New York, Nov. 14 - LTX Corp. said it exchanged $27.2 million of its existing 4.25% convertible subordinated notes due August 2006 for $27.2 million of new 4.25% convertible senior notes due 2007.
The Westwood, Mass., maker of semiconductor test equipment also paid accrued interest.
The new convertibles mature on Aug. 15, 2007. At maturity, LTX pays a premium of 4.75%, resulting in an annual yield of 7.0%.
As with the old notes, the new ones convert at $29.04 per share.
The new notes are callable at 100.85% of par up to Aug. 15, 2006 and 104.75% of par after that.
Following the exchange, which was effective Nov. 14, LTX has $61.1 million of the old convertibles outstanding.
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