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TranSwitch Announces Tender Offer for Debt Securities
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Business New Haven
2/18/2002
By: BNH
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SHELTON - TranSwitch Corp. (NASDAQ: TXCC) has commenced a “Modified Dutch Auction” tender offer for a portion of its convertible debt securities.
TranSwitch will offer to purchase for cash, at prices determined by an auction procedure within the purchase price range of $650 to $700 per $1,000 principal amount, TranSwitch's 4.5-percent convertible notes due 2005 up to a maximum aggregate principal amount of $200 million, or approximately 64 percent of the outstanding principal amount of the notes. The funds required to consummate the offer will come from the company's available cash.
TranSwitch will accept tendered notes in the offer in the order of the lowest to the highest tender prices specified by tendering holders within the price range, and will select the single lowest price so specified that will enable TranSwitch to purchase the offer amount (or, if less than the offer amount, all notes tendered). TranSwitch will pay the same purchase price for all notes tendered at or below the purchase price.
The offer will expire at midnight on March 11 unless it is extended. Tendered notes may be withdrawn at any time prior to the expiration date.
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