TranSwitch Corporation Repurchases $15 Million in Convertible Notes

SHELTON, CT — January 07, 2009 — TranSwitch Corporation (NASDAQ: TXCC), a leading provider of semiconductor solutions for the converging voice, data and video network, today announced that on December 24, 2008 it purchased $15 million principal amount of its 5.45% Convertible Notes for $9.9 million, plus accrued interest. Prior to this transaction TranSwitch had approximately $25 million principal amount of outstanding 5.45% Convertible Notes that were issued in July 2007 and due September 30, 2010.

“TranSwitch was very active in the fourth quarter as we completed the acquisition of Centillium Communications and we took steps to lower the combined company’s operating expense levels to ensure near-term profitability,” stated Dr. Santanu Das, President and CEO of TranSwitch Corporation. “With this Convertible Note repurchase, we have strengthened the company’s balance sheet as we exit this year, and we will continue to consider such opportunistic steps as we build a stronger company for the future.”

After the transaction, TranSwitch will have approximately $10.0 million in principal amount of its Convertible Notes remaining on its balance sheet. The Company expects to record a $4.5 million gain from the transaction in the fourth quarter of 2008. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities.



Contact:

Robert A. Bosi
Chief Financial Officer
Phone: 203.929.8810 ext. 2465




Review Article Be the first to review this article
Featured Video
Editorial
More Editorial  
Upcoming Events
MPSoc Forum 2017 - July 2 - 7, 2017, Les Tresoms Hotel, Annecy, France at Les Tresoms Hotel Annecy France - Jul 2 - 7, 2017
SEMICON West 2017 at Moscone Center San Francisco CA - Jul 11 - 13, 2017
11th International Conference on Verification and Evaluation of Computer and Communication Systems at 1455 DeMaisonneuve W. EV05.139 Montreal Quebec Canada - Aug 24 - 25, 2017
DVCon India 2017, Sept 14 - 15, 2017 at The Leela Palace Bengalore India - Sep 14 - 15, 2017
S2C: FPGA Base prototyping- Download white paper



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy