By Sheri Kasprzak
New York, March 30 - VendingData Corp. said it will raise $18 million from a private placement of debt and shares.
Funds managed by Bricoleur Capital Management agreed to buy $7 million in 7% senior debt due March 31, 2011 and up to $5 million in common stock at a price equal to 80% of the volume weighted average price of the company's stock on the day of a draw with a $3.50 floor.
The debt includes warrants for 1.6 million shares, exercisable at $2.50 each for five years.
The company also reached agreements for 2.4 million shares at $2.50 each.
The two deals are scheduled to close in April.
Proceeds will be used for general corporate purposes.
Las Vegas-based VendingData develops products for the gaming industry.
Debt offering
| Issuer: | VendingData Corp.
|
| Issue: | Senior debt
|
| Amount: | $7 million
|
| Maturity: | March 31, 2011
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Warrants: | For 1.6 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Investor: | Bricoleur Capital Management
|
| Announcement date: | March 30
|
| Stock symbol: | Amex: VNX
|
| Stock price: | $2.72 at close March 29
|
|
|
| First stock offering
|
| Issuer: | VendingData Corp.
|
| Issue: | Stock
|
| Amount: | $5 million
|
| Price: | Equal to 80% of the VWAP of the company's stock on the day of a draw, $3.50 floor
|
| Warrants: | No
|
| Investor: | Bricoleur Capital Management
|
| Announcement date: | March 30
|
| Stock symbol: | Amex: VNX
|
| Stock price: | $2.72 at close March 29
|
|
|
| Second stock offering
|
| Issuer: | VendingData Corp.
|
| Issue: | Stock
|
| Amount: | $6 million
|
| Shares: | 2.4 million
|
| Price: | $2.50
|
| Warrants: | No
|
| Announcement date: | March 30
|
| Stock symbol: | Amex: VNX
|
| Stock price: | $2.72 at close March 29
|
|
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