LeCroy repurchases $4.5 million of its convertibles

By Devika Patel

Knoxville, Tenn., Aug. 6 - LeCroy Corp. announced it has strengthened its balance sheet by repurchasing $4.5 million of its $72 million outstanding convertible bonds.

The convertibles were bought back at a "significant discount," the company's president and chief executive officer, Tom Reslewic, said in a press release.

Proceeds saved from the buyback will be used to pay down debt.

LeCroy is a Chestnut Ridge, N.Y.-based communications test equipment company.

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