NORWALK, CT, January 11, 2005 – Trans-Lux Corporation (AMEX: TLX) successfully completed its senior debt refinancing with People’s Bank (NASDAQ: PBCT) on December 23, 2004, whereby People’s Bank became the sole lender under the loan agreement. The refinancing includes a $10 million term loan; a $6,150 million non-revolving line of credit to finance purchases and/or redemptions of 50% of the Company’s outstanding 7½% Convertible Subordinated Notes Due December 1, 2006, which converts to a five-year term loan on December 31, 2006 and a revolver loan of up to $5 million based on an accounts receivable and inventory formula, none of which has been drawn at this time. The loans are at variable interest rates ranging from LIBOR plus 225 bps to Prime plus 25 bps and mature January 1, 2012. This financing allows the Company significantly more flexibility in moving forward. Trans-Lux Executive Vice President and CFO Angela D. Toppi made the announcement.
Trans-Lux is a worldwide, full-service provider of integrated multimedia systems for today’s communications environments. The essential elements of these systems are real-time, programmable electronic information displays we manufacture, distribute and service. Designed to meet the evolving communications needs of both the indoor and outdoor markets, these displays are used primarily in applications for the financial, banking, gaming, corporate, transportation, entertainment and sports industries. In addition to its display business, the Company owns and operates a chain of motion picture theatres in the western Mountain States.
