Ainsworth Game Technology gets approval to amend 8% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 22 - Ainsworth Game Technology Ltd. said holders of its A$25.63 million 8% convertibles notes due Dec. 31, 2009 voted at a meeting on Monday to amend the terms of the trust deed.

Among the changes, the maturity date will be extended to Dec. 31, 2011, and Ainsworth was granted an option to further extend the maturity date to Dec. 31, 2014.

The company also gained the right to redeem the notes on Dec. 31, 2011 or at the end of every six months from that date.

In connection with the changes, the interest rate on the convertibles will increase to 10% on Jan. 1, 2010.

The company announced the meeting date on Nov. 21. Proxies had to be returned by Dec. 20, and the record date was Dec. 15.

The company needed approval from holders of at least 75% of the notes.

Ainsworth is a Newington, Australia-based supplier of gaming products.

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