Alliance Distributors negotiating $60 million private placement

By Sheri Kasprzak

New York, Oct. 17 - Alliance Distributors Holdings Inc. said it plans to raise $60 million in a private placement.

The offering will be placed through agent Sander Morris Harris Inc.

The full details of the deal have not yet been determined.

Proceeds from the deal will be used to partially fund Alliance Distributors' acquisition of Foto Electric Supply Co., Inc. for $75 million. Alliance plans to pay $50 million in cash, $12.5 million in notes and $12.5 million in equity securities for the acquisition.

Based in College Point, N.Y., Alliance Distributors distributes video games and gaming products for manufacturers and third-party publishers.

On Monday, the company's stock gained a penny to close at $0.38.

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