San Diego – Mad Catz Interactive, a manufacturer of video
game accessories and other peripherals, announced on Monday that it has secured
$12.2 million in a private placement of its shares.
The company plans to use
net proceeds from the placement, along with borrowings under its credit
facility, to repay $14.5 million in convertible notes used in part to acquire
"We appreciate the confidence that investors have shown in Mad
Catz and are extremely pleased with the success of the offering," said Mad
Catz president and CEO Darren Richardson.
"The private placement will
allow us to retire a significant liability from our balance sheet, reduce
interest expense, and improve our liquidity position to support the further
growth of our business."