By Sheri Kasprzak
Atlanta, Feb. 15 - VendingData Corp. said it has raised $7,775,000 in a private placement.
The company issued the senior convertible notes for $3.25 million in exchange for existing 9% senior secured notes and $4,525,000 in cash.
The notes bear interest at 10% annually and mature in three years. Half of the outstanding principal of the notes is convertible into common shares at $1.65 each.
The company may prepay the notes at a premium before February 2007 and at par after that.
Philadelphia Brokerage Corp. was the placement agent in the deal.
Based in Las Vegas, VendingData manufactures and distributes products for the gaming industry. The proceeds from the offering will be used to fund the company's shuffler inventory and to cover operating losses. The remainder will be used for general corporate purposes.
| Issuer: | VendingData Corp.
|
| Issue: | Senior convertible notes
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| Amount: | $7,775,000
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| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.65 for half of the principal
|
| Warrants: | No
|
| Placement agent: | Philadelphia Brokerage Corp.
|
| Settlement date: | Feb. 15
|
| Stock price: | $1.90 at close Feb. 15
|
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