Midway Determines Conditions of $75 Million of Debt

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Yesterday, Midway priced a series of notes, setting the interest rate at which Midway will have to repay a 30-year debt obligation.
The $75 million of debt is in the form of unsecured convertible senior notes. While the notes are technically due in 2026, bearing 7.125% interest, investors can require that Midway repurchase the notes (repaying the debt) under certain special conditions or in 2010, 2016 and 2021. The notes may also be converted into Midway common stock at a conversion price that, barring special conditions, is approximately $10.86 per share. The notes should be sold on May 30.

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This page contains a single entry by Editor published on May 24, 2006 10:26 AM.

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