Shuffle Master greenshoe exercised, raising convertibles to $150 million

New York, April 21 - Shuffle Master Inc. said the underwriters of its recent offering of contingent convertible senior notes due 2024 exercised the $25 million greenshoe in full, raising the size of the deal to $150 million.

The Las Vegas supplier of automatic card shufflers and special gaming tables originally priced $125 million of the securities after the market closed on April 15 to yield 1.25% with a 37% initial conversion premium.

Bookrunner for the Rule 144A deal was Deutsche Bank Securities.

Shuffle Master used $57.5 million of proceeds to buy back stock sold short by convertible buyers, and $20 million was earmarked to finance an initial cash payment for its previously announced acquisition of Casinos Austria Research and Development GmbH.

Remaining proceeds will be used for general corporate purposes, including acquisitions and additional repurchases of common stock.

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