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Take-Two Drums Up $100 Million With Note Issuance

In what is likely an attempt to more easily manage its debt, Take-Two's effectively borrowing $100 million in the form of a senior note offering, which it'll have to buy back from the purchasers by 2014.

The Grand Theft Auto publisher just reported $10 million in losses -- although it maintains about $180 million in working capital on hand, it has $70 million in debt on a credit line, and Wedbush Morgan analyst Michael Pachter speculates that the bond issuance is intended to refinance that credit line with "something more predictable."

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gamasutra.com
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