Take-Two Expands Borrowing by $40 Million

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Take-Two Interactive has expanded an existing secured credit facility, allowing the company to borrow an additional $40 million.
The company already had a $100 million credit facility with Wells Fargo Foothill, allowing the company to borrow based on certain accounts receivable (money owed to Take-Two for goods that has not yet been paid). On November 16, Take-Two amended the credit agreement to allow it to borrow up to $140 million, and adding the ability to include some accounts receivable from UK business relationships.

This kind of financial arrangement can improve the short-term financial health of a company by incurring larger expenses over the long-term. But once arrangements like this are started by a publicly traded company, they are hard to stop.

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This page contains a single entry by Editor published on November 20, 2007 4:45 PM.

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