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Take-Two Secures $22 Million in Private Stock Placement

Take-Two Interactive announced today that it has generated gross proceeds of approximately $22.2 million through a private placement of 1.3 million shares of the company's common stock.
Net proceeds approximating $20.8 million will go toward prepaying $15 million in debt bearing 12.5% interest owed to Finova Mezzanine Capital, and reducing other outstanding debts on its line of credit. These moves will bring the company's debt to equity ratio to its best level in 11 quarters by the end of the company's fiscal Q3, according to Take-Two.

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