Midway Games (NYSE:MWY)
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Midway Games Inc. (NYSE:MWY) announced today that the
initial purchasers in its previously announced private offering of $65
million of 6% Convertible Senior Notes due 2025 have exercised in full
their option to purchase an additional $10 million principal amount of
notes. The purchase agreement granted the initial purchasers 30 days
to exercise this option. It is expected that the closing relating to
the full $75 million principal amount of notes will occur on September
19, 2005, subject to the satisfaction of customary closing conditions.
The notes will be convertible into Midway common stock, at the
option of the holders, at a conversion rate of 56.3253 shares per
$1,000 principal amount of the notes, which is equivalent to an
initial conversion price of approximately $17.75. Holders may require
Midway to purchase for cash all or part of their notes on April 30,
2009, September 30, 2010, September 30, 2015, and September 30, 2020,
or upon the occurrence of certain events, at 100% of the principal
amount of the notes plus accrued and unpaid interest and additional
interest, if any, up to, but not including, the date of purchase.
Midway may redeem for cash all or a portion of the notes at any time
on or after October 5, 2010, at 100% of the principal amount of the
notes plus accrued and unpaid interest and additional interest, if
any, up to, but not including, the date of redemption.
Offers and sales of the notes will be made only to qualified
institutional buyers in accordance with Rule 144A under the Securities
Act of 1933. This announcement is neither an offer to sell nor a
solicitation of an offer to buy any of these securities. The notes and
the common stock issuable upon conversion of the notes have not been
registered under the Securities Act or applicable state securities
laws. Unless so registered, the notes and common stock issuable upon
conversion of the notes may not be offered or sold in the United
States except pursuant to an applicable exemption from the
registration requirements of the Securities Act and applicable state
securities laws.
About Midway Games
Headquartered in Chicago, IL with offices in San Diego, CA,
Seattle, WA, Austin, TX, Los Angeles, CA, Munich, Germany, London, UK,
and Adelaide, AUS, Midway Games Inc. (NYSE:MWY) is a leading developer
and publisher of interactive entertainment software for major video
game systems. More information about Midway can be obtained at
www.midway.com.
This press release contains "forward-looking statements" within
the meaning of the federal securities laws concerning future business
conditions and the outlook for Midway Games Inc. (the "Company") based
on currently available information that involve risks and
uncertainties. The Company's actual results could differ materially
from those anticipated in the forward-looking statements as a result
of these risks and uncertainties, including, without limitation, the
financial strength of the interactive entertainment industry,
dependence on new product introductions and the ability to maintain
the scheduling of such introductions, the upcoming console platform
transition and other technological changes, dependence on major
platform manufacturers, adequacy of capital resources and other risks
more fully described under "Item 1. Business - Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December 31,
2004, and in the more recent filings made by the Company with the
Securities and Exchange Commission.