MILPITAS, Calif., March 12, 2010 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), a global provider of focused, cost-optimized ATE solutions, today announced that the Company has completed the repurchase of $34.9 million aggregate principal and premium amount of 3.5% Convertible Senior Subordinated Notes due May 2011 at a discount to their par value for net cash consideration of $30.9 million. The Company will also avoid future cash interest payments of approximately $1.3 million from the repurchase date through the maturity date of the Notes, resulting in a total cash savings of $5.3M.
"As stated in the prospectus for our secondary stock offering last week the proceeds from the offering allowed the Company to aggressively pursue the repurchase of our convertible debt. With the successful conclusion to these negotiations we have now repurchased and retired about 93% of the outstanding Notes," said Dave Tacelli, chief executive officer and president at LTX-Credence. "With our business model performing well, and our stronger balance sheet, we are now focused squarely on gaining market share and expanding our top line."
About LTX-Credence Corporation
LTX-Credence is a global provider of focused, cost-optimized ATE solutions designed to enable customers to implement best-in-class test strategies to maximize their profitability. LTX-Credence addresses the broad, divergent test requirements of the wireless, computing, automotive and entertainment market segments, offering a comprehensive portfolio of technologies, the largest installed base in the Asia-Pacific region, and a global network of strategically deployed applications and support resources. Additional information can be found at www.ltxc.com.
LTX-Credence and LTXC are trademarks of LTX-Credence Corporation.
All other trademarks are the property of their respective owners.