Mad Catz Repays $14.5M Debt

5/5/11Follow @bvbigelow

San Diego’s Mad Catz Interactive (AMEX: MCZ), which sells videogame enhancements and interactive accessories, says today it has repaid $14.5 million in convertible debt that the company incurred when it acquired the Saitek group of companies in 2007. The financing included about $12.2 million raised last month through a private stock placement arranged by Roth Capital Partners. Mad Catz CEO Darren Richardson says the repayment will eliminate roughly $1.1 million of annual interest expense and retire about 10.2 million common shares that had been included in the company’s calculations of fully diluted earnings per share.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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