Global Cash Access Inc. Announces Partial Redemption of Senior Subordinated Notes.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Global Cash Access Inc. today announced that it has called for redemption 35% of its outstanding 8 3/4% Senior Subordinated Notes due 2012. The redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. will be Oct. 31, 2005. The redemption is being made pursuant to Section 3.07(c) of the Indenture governing the notes. The redemption is being funded out of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the recent initial public offering of common stock made by Global Cash Access Holdings Inc., the parent company of Global Cash Access Inc. The redemption covers $82,250,000 of the $235,000,000 outstanding principal amount of the notes. In addition to the $82,250,000 in principal amount of the redeemed notes, the company will pay $7,196,875 in redemption premium redemption premium See call premium. on the redeemed notes, as well as accrued but unpaid interest through the redemption date. About Global Cash Access Las Vegas-based Global Cash Access Inc. (GCA GCA, ground-controlled approach: see instrument-landing system. ) is a leading provider of cash access products and related services to approximately 960 gaming properties and other clients in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the United Kingdom, Canada and the Caribbean. With its proprietary database of gaming patron credit history and transaction data on millions of gaming patrons worldwide, GCA is recognized for successfully developing and deploying technological innovations that increase client profitability, operational efficiency and customer loyalty. For more information, please visit the company's Web site at www.globalcashaccess.com. |
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