Progressive Gaming to buy back, cancel all $30 million of its remaining 11 7/8% notes

By Devika Patel

Knoxville, Tenn., Aug. 4 - Progressive Gaming International Corp. said it will use the proceeds of a $15 million private placement of convertible notes to retire the remaining $30 million of the company's 11 7/8% senior secured notes due Aug. 15, 2008, in order to eliminate its high-yield debt.

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

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