Shuffle Master buys back $89.36 million of its 1.25% convertibles

By Susanna Moon

Chicago, Aug. 25 - Shuffle Master, Inc. said holders tendered $89,358,000 principal amount, or 59.6%, of its 1.25% convertible senior notes due April 19, 2009.

The tender offer expired at midnight ET on Aug. 22. It began on July 14.

The company previously said it will buy back the notes at $972.50 plus accrued interest per each $1,000 principal amount. The price was increased from $960.50 plus accrued interest.

After the buyback, $60,642,000 principal amount of the convertibles remain outstanding.

Shuffle Master previously said the offer was contingent on Shuffle Master raising at least $135 million from a stock offering and borrowings under a new term loan.

Deutsche Bank Securities Inc. (800 503-4611) is the dealer manager. Morrow & Co., LLC (800 662-5200 or 203 658-9400) is the information agent.

The issuer is a Las Vegas supplier of automatic card shufflers and special gaming tables.

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