Progressive Gaming may buy back some 11 7/8% notes

By Angela McDaniels

Seattle, Oct. 4 - Progressive Gaming International Corp. may buy back or redeem its 11 7/8% senior secured notes due 2008, according to an 8-K filing with the Securities and Exchange Commission.

The company amended its financing agreement with Ableco Finance LLC in connection with the sale of its table games division to Shuffle Master, Inc., which closed on Sept. 28.

Under the amended agreement, Ableco consented to the asset sale, consented to the prepayment of some or all of Progressive's 11 7/8% notes and amended selected provisions relating to the use of proceeds from the asset sale.

Net cash proceeds from the asset sale totaled $19.8 million. Progressive is also eligible for contingent purchase price payments, which will be no less than $1 million per year in 2008 and 2009 and no less than $750,000 per year in 2010 and 2011.

Las Vegas-based Progressive Gaming supplies integrated casino management systems software and games for the gaming industry.

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