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Las Vegas company issues $5 million in notes

Friday, Dec. 28, 2001 | 10:44 a.m.

Acres Gaming Inc. of Las Vegas announced it has sold $5 million in convertible bonds in a private placement.

The bonds carry an interest rate of 6 percent and mature in December 2003. Bondholders may convert the shares to stock at a price of $4.64 per share, or the company may redeem the shares for stock at a 10 percent discount to the current market price. The bonds must be redeemed starting in June 2002 at a rate of $300,000 per month.

The purchasers also received warrants to buy 177,674 Acres shares at $4.64 per share through December 2006.

Proceeds from the offering will be used to redeem 519,481 shares of preferred stock held by International Game Technology. IGT notified Acres it plans to redeem the shares for $9.63 per share on Jan. 28.

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