Trans-Lux issues 1.041 million shares in exchange for $7.829 million 8¼% convertibles

By Jennifer Chiou

New York, March 16 - Trans-Lux Corp. announced it issued 1,041,257 shares in exchange for $7.829 million of its 8¼% limited convertible senior subordinated notes due 2012.

The company was offering to exchange up to $9 million of the $17.958 million principal amount outstanding.

The company exchanged 133 common shares for each $1,000 principal amount of 8¼% notes, which is equivalent to a $7.52 per share conversion price.

The offer ended at 5 p.m. ET on March 15. It began on Feb. 14.

The notes were convertible into 111.11 shares at $9.00 each through March 1. The company's stock (Amex: TLX) closed at $7.85 on Thursday.

Holders who tendered notes will still receive the regularly scheduled interest payment on March 1, but no interest will accrue after Feb. 28 on tendered notes.

The company previously said it believes that by making this exchange offer at a price below the current conversion price, it may be able to eliminate long-term debt and interest payments and strengthen its balance sheet.

The company said that $10.129 million of notes is outstanding.

Trans-Lux is a Norwalk, Conn.-based manufacturer of electronic displays.

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