Dave & Buster's sells $30 million convertibles at 5%, up 20% and warrants

New York, Aug. 6 - Dave & Buster's, Inc. said it sold $30 million of 5% convertible subordinated notes due 2008 and warrants to buy 522,446 shares in a private placement.

The notes convert at $12.92 per share, a 20% premium over the closing price of the company's stock on Tuesday.

They mature on Aug. 7, 2008 and are callable from Aug. 7, 2006 onwards.

The warrants have a strike price of $13.46 per share. The company can force exercise if its stock trades above a specified price after Aug. 7, 2006.

U.S. Bancorp Piper Jaffray and Fleet Securities were placement agents for the Regulation D offering.

The Dallas upscale restaurant and entertainment company will use proceeds to repay bank debt, for working capital and for capital expenditures including the proposed purchase of the business of the Dave & Buster's complex in Toronto, Canada from its Canadian licensee.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.