Take Two Stands By Fiscal Q2 For GTA4 News
Chris Leyton
21/11/2007
US publisher secures additional credit facility and re-confirms a spring release...
Despite the rumours of a further delay to Rockstar Games' GTA IV, Take-Two today continued to stand by its fiscal second quarter release (Feb-Apr) period as parent company Take Two announced a five-year, senior secured revolving credit facility to the sum of $140 million.
The agreement marks a $40 million increase from the previously obtained credit from Wells Fargo Foothill Inc., and allows for borrowings of up to $25 million in the UK. The credit facility will be used to fund working capital, capital expenditures, and for other general corporate purposes, and is secured primarily by the publisher's US and UK assets.
"Our credit facility will support our periodic working capital needs during the busy holiday season and beyond," said Ben Feder, Chief Executive Officer of Take-Two. "We look forward to further strengthening our financial position with the release of our solid 2008 product slate, including Grand Theft Auto IV in our fiscal 2008 second quarter."