Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that
it has closed on an expanded five-year, senior secured revolving credit
facility in the aggregate principal amount of up to $140 million.
The expanded $140 million line reflects an increase of $40 million from
the $100 million line previously obtained from Wells Fargo Foothill,
Inc., and allows for borrowings of up to $25 million in the UK. Lenders
participating in the expanded line include Wells Fargo Foothill and
Citigroup. The credit facility will be used to fund working capital,
capital expenditures and for other general corporate purposes, and is
secured primarily by the Company’s U.S. and UK
assets. The terms and conditions of the credit facility are detailed in
the Company’s Form 8-K filed with the
Securities and Exchange Commission today.
"Our credit facility will support our periodic working capital needs
during the busy holiday season and beyond," said Ben Feder, Chief
Executive Officer of Take-Two. "We look forward to further strengthening
our financial position with the release of our solid 2008 product slate,
including Grand Theft Auto IV in our fiscal 2008 second quarter."
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a
global developer, marketer, distributor and publisher of interactive
entertainment software games for the PC, PlayStation®
game console, PlayStation®2 and PLAYSTATION®3
computer entertainment systems, PSP®
(PlayStation®Portable) system, Xbox®
and Xbox 360® video game and entertainment
systems from Microsoft, Wii™, Nintendo
GameCube™, Nintendo DS™
and Game Boy® Advance. The Company publishes
and develops products through its wholly owned labels Rockstar Games, 2K
Games, 2K Sports and 2K Play; and distributes software, hardware and
accessories in North America through its Jack of All Games subsidiary.
Take-Two's common stock is publicly traded on NASDAQ under the symbol
TTWO. For more corporate and product information please visit our
website at www.take2games.com.
All trademarks and copyrights contained herein are the property of their
respective holders.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: This press release contains forward-looking statements made in
reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The statements contained herein which
are not historical facts are considered forward-looking statements under
federal securities laws. Such forward-looking statements are based on
the beliefs of our management as well as assumptions made by and
information currently available to them. The Company has no obligation
to update such forward-looking statements. Actual results may vary
significantly from these forward-looking statements based on a variety
of factors. These risks and uncertainties include the matters relating
to the Special Committee’s investigation of
the Company’s stock option grants and the
restatement of our consolidated financial statements. The investigation
and conclusions of the Special Committee may result in claims and
proceedings relating to such matters, including previously disclosed
shareholder and derivative litigation and actions by the Securities and
Exchange Commission and/or other governmental agencies and negative tax
or other implications for the Company resulting from any accounting
adjustments or other factors. Other important factors are described in
the Company’s Annual Report on Form 10-K for
the fiscal year ended October 31, 2006, and in the Company’s
Form 10-Q for the third quarter ended July 31, 2007 in the section
entitled "Risk Factors.”
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