Progressive Gaming expects to raise us$ 33 million
It consists of a revolving loan of up to us$ 12.5 million and a term loan of us$ 15 million and a us$ 15 million senior secured convertible note offering with International Game Technology.
The company expects to initially raise approximately us$ 33 million from the Financing Transactions, which are subject to closing conditions and are expected to close by August 15, 2008.
The company intends to use the net proceeds from the Financing Transactions to retire its remaining outstanding us$ 30 million of 11.875% senior secured notes and accrued interest and transaction costs.
The purpose of this press release is to describe a waiver from the shareholder approval requirements of The NASDAQ Stock Market that is being relied upon by the company in connection with these transactions.
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