VIDEO GAME MAKER GIVEN $50 MILLION LINE OF CREDIT.Byline: Chris Sieroty Staff Writer CALABASAS - Video game manufacturer THQ THQ Toy Headquarters THQ Territorial Headquarters THQ Tehsil Headquarters (Pakistan) THQ The Holy Quran THQ Theater Headquarters Inc. announced Friday that it has secured a new $50 million line of credit with a number of financial institutions, including Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. . The new line of credit provides for cash advances or a letter of credit during the Calabasas-based company's peak selling season, which is from November to February, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a company spokeswoman. Spokeswoman Kathy Mendoza explained that the additional credit line also gives the company up to $25 million in financing outside the peak selling season. The company's previous agreement with Union Bank, which recently expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. , provided for cash advances of up to $38 million and a total line of credit up to $50 million. ``It provides all the funds to finance the company for the next year,'' said Fred Gysi, THQ's senior vice president of finance and administration and chief financial officer. ``It also allows us to purchase products during the holiday season.'' Gysi said the company develops and designs interactive entertainment software for video games See video game console. , then pays either Sony, Nintendo or Sega to manufacture the game. The financing allows THQ to then purchase the finished product back from Sony, Sega or Nintendo and distribute it to Wal-Mart and other retailers, he said. Shares of THQ lost 18 cents, or 0.88 percent, to close Friday at $21.188 on light volume of 47,200 shares traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . |
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