Vishay to pay LYONs put in cash

By Jennifer Chiou

New York, April 4 - Vishay Intertechnology Inc. said it intends to pay cash to holders who put back its Liquid Yield Option Notes on June 4.

The Malvern, Pa., electronic component manufacturer is required to repurchase put notes at their accreted value of $639.76 per $1,000 principal amount at maturity.

Vishay said about $138 million accreted value of notes, or $215.565 million principal amount at maturity, remains outstanding.

The company added that it has the right to issue its shares instead of cash for the put notes but has chosen cash.

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