CHESTNUT RIDGE, N.Y., July 9 -- LeCroy Corp. has completed its $10 million private placement of 500,000 shares of zero coupon Series A Convertible Redeemable Preferred Securities. The shares may be converted at any time at a fixed strike price of $20 per share. Advent International was the primary investor in the private placement. LeCroy will use the proceeds of the offering to fund the development of new products.
We are enthusiastic to expand our relationship with Advent International -- one of our initial financial venture capitalists, said Lutz Henckels, LeCroy president and CEO. The new capital provides LeCroy with the financing necessary to develop product offerings that will significantly enhance our competitive position. This transaction will enable LeCroy to pursue its current strategy of investing in research and development to drive growth.