LTX-Credence completes repurchase of notes
By APFriday, March 12, 2010
LTX completes repurchase of notes
MILPITAS, Calif. — Chip testing equipment maker LTX-Credence Corp. reported Friday that it has completed the repurchase of $34.9 million of notes.
The purchase of the notes was done at a discount to their par value, for a cash consideration of $30.9 million. The company said it will avoid roughly $1.3 million in future cash interest payments by repurchasing the notes prior to their maturity date, resulting in a total cash savings of $5.3 million.
LTX said it has now repurchased and retired about 93 percent of its outstanding notes to help strengthen its balance sheet.
Shares of the company rose 8 cents, nearly 3 percent, to $3.09 in midday trading.
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