Ellie Gibson
09:57 (BST)
16/09/2005
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Midway convertible note offering increased
Figure now stands at USD 75 million, closing scheduled for September 19
The purchasers were given 30 days to exercise the option. Midway now predicts that the closing relating to the full USD 75 million will take place on September 19.
Holders will have the option to convert notes into Midway common stock at a rate of 56.3253 shares per USD 1000 principal amount of notes, equivalent to an initial conversion price of approximately USD 17.75.
Purchasers may call in their debts on April 30, 2009, September 30, 2015 and September 30, 2020. Midway will have the option to buy back the debt from October 5, 2010.
The funds raised from the deal will go towards general corporate expenses, such as working capital, capital expenditures acquisition and strategic alliances.
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