Shuffle Master (SHFL) Makes Comments On Its Refinancing Strategy
More News related to SHFL
- Beacon Equity Issues Technical Trade Alerts on Market Movers: OCNF, SHFL, CCRT, NPDV, XTXI, BRKR
- Shuffle Master, Inc. Files Motion to Dismiss Pending Appeal
- Shuffle Master (SHFL) Promotes Three EVPs
- Shuffle Master, Inc. Announces Leadership Changes
- Shuffle Master, Inc. to Exhibit at the Global Gaming Expo (G2E), November 18-20, 2008
More News related to Corporate News
- UBS Wealth Management Hires 132 Brokers
- ProLogis (PLD) Responds to Rating Actions Taken by Moody's and Fitch
- Silicon Image (SIMG) and Analogix Semiconductor Enter Settlement Agreement
- Helicos BioSciences (HLCS) to Cut Workforce by 30%
- Actuate (ACTU) Revises Tender Offer Range from $2.20-$2.60 to $3.00-$3.50
Shuffle Master (NASDAQ: SHFL) announced that it has drawn on its $65.0 million in term loan commitments from Deutsche Bank Trust Company Americas, Wachovia Bank National Association, KeyBank National Association and Union Bank of California.
In its press release dated August 25, 2008, Shuffle Master announced that $89.3 million of the Company's $150 million 1.25 % Contingent Convertible Senior Notes (the "Notes") had been validly tendered and accepted in accordance with the terms of its tender offer, which expired on August 22, 2008. Shuffle Master used the net proceeds from the term loan to repurchase $63.4 million of the $87.3 million (including accrued and unpaid interest) of the Notes which were validly tendered and accepted.
The remaining $24.1 million required to fund the repurchase of the tendered Notes was drawn from the $81.7 million in net proceeds from its equity offering (the "Offering", as previously announced on August 4, 2008). Approximately $53.3 million in proceeds from the Offering was used to pay down Shuffle Master's existing revolving credit facility which resulted in an outstanding balance of $6.0 million. Approximately $4.3 million of remaining equity proceeds are invested.
The Company intends to borrow on its revolving credit facility to satisfy the remaining outstanding Notes of $60.6 million.
Related Categories
Corporate NewsStocks Mentioned
-0.06Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
