By Rebecca Melvin
New York, July 8 - Inspired Gaming Group plc priced £40 million of seven-year convertible preference shares at a price of 50 pence each at par with a dividend of 7%, payable in kind, according to a news release.
The shares, underwritten by Evolution Securities Ltd., will be redeemable in cash at 100p per share at any time at the option of the company, and they are convertible into ordinary shares at any time at the option of the holder at a ratio of one share per preference sahre.
The issue is subject to shareholder approval, which is expected on July 23.
Proceeds will be used to fund the cash costs of the exit from the Pubs Division and to repay about £10 million of senior debt. The balance is expected to be used to provide capital to partly fund the roll out of server-based gaming terminals arising from new contacts that the group expects to secure shortly.
Based in Burton-on-Trent, England, and also incorporated in Wales, Inspired Gaming is a server-based gaming company.
| Issuer: | Inspired Gaming Group plc
|
| Issue: | Convertible preference shares
|
| Bookrunner: | Evolution Securities Ltd.
|
| Amount: | £40 million
|
| Maturity: | Aug. 1, 2015
|
| Dividend: | 7%, payable in kind
|
| Price: | Par of 50p
|
| Redemption price: | 100p
|
| Conversion ratio: | 1
|
| Conversion price: | 50p
|
| Call: | Callable at any time at 100p per share
|
| Takeover protection: | Yes
|
| Pricing date: | July 7
|
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