Richey Sells Off Notes

Richey Electronics Inc. completed the private placement of $50 million of its 7% convertible subordinated notes due March 1, 2006.

Richey, which distributes electronic components, said that the notes are convertible into common stock at $14.125 a share and would translate into 3.54 million common shares. Net proceeds from the sale will be used to repay debt, the company said.