Take-Two amends $100 million revolving facility, cutting interest

By Jennifer Chiou

New York, Aug. 21 – Take-Two Interactive Software, Inc. entered into an amendment to its $100 million revolving credit facility with Wells Fargo Capital Finance, LLC as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The company lowered interest rates to Libor plus 150 basis points to 200 bps, depending on its 30-day average liquidity. The prior range was Libor plus 250 basis points to 300 bps.

The maturity date was extended to Aug. 18, 2019 from Oct. 17, 2016.

The amendment also, among other things, cut the unused line fee by 12.5 bps, so it now ranges from 25 bps to 37.5 bps based on availability, lowered the letter-of-credit fee by 50 basis points to 150 bps per year and decreased the capacity of the LC subfacility to $5 million aggregate outstanding letters of credit from $25 million.

Take-Two is New York-based interactive entertainment software company.

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