Mad Catz Repays $14.5M Debt
Bruce V. Bigelow5/5/11
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.
