By Sheri Kasprzak
New York, May 8 - VendingData Corp. has concluded a $13 million private placement of senior secured notes with funds managed by Bricoleur Capital Management.
Four of Bicoleur's funds bought 8% notes due March 31, 2011.
The notes are due in four equal payments of $1.5 million for the first four years, with the rest due at maturity.
The investor will also receive warrants for 3.2 million shares, exercisable for five years at $2.50 each.
Connected to the agreement, the Bricoleur funds agreed to purchase up to $5 million shares of VendingData in puts of at least $1 million, at VendingData's option.
The price per share is equal to 80% of the volume-weighted average price on the day of a draw with a $3.50 floor.
Also, VendingData converted $5.22 million of 10% senior secured notes issued in February and March 2005 into 3,166,661 shares at $1.65 each.
The proceeds from the placement will be used for debt retirement, a proposed acquisition and working capital.
Las Vegas-based VendingData develops products for the gaming industry.
| Issuer: | VendingData Corp.
|
| Issue: | Senior secured notes
|
| Amount: | $13 million
|
| Maturity: | March 31, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | For 3.2 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Investor: | Bricoleur Capital Management
|
| Settlement date: | May 2
|
| Stock symbol: | Amex: VNX
|
| Stock price: | $2.73 at close May 2
|
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