Electroglas adds put option to 6.25% convertible notes due 2027

By Sheri Kasprzak

New York, May 16 - Electroglas, Inc. added a put option to its previously announced $25.75 million in senior subordinated secured notes issued in March.

The investors now have the option to require Electroglas to repurchase the notes on March 26, 2011; March 26, 2015; March 26, 2016; March 26, 2019; March 26, 2021; and March 26, 2023.

Before the amendment was made, the notes provided that the holders had the option to require the company to repurchase the notes on March 26, 2011; March 26, 2016; and March 26, 2021.

The notes due 2027 were issued March 26 in principal of $25.75 million. The 6.25% notes are convertible at $2.295 each, a 12.5% premium to the company's March 21 closing stock price of $2.04.

Located in San Jose, Calif., Electroglas develops semiconductor wafer probers, makes test floor management software and provides services to the semiconductor-manufacturing sector.

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