Shuffle Master prices offering at $4.25 per share

By Associated Press
July 22, 2008 | Comments (0)

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Shuffle Master Inc., which makes casino machines, said Tuesday it priced its public offering of 17.6 million shares at $4.25 per share.

Net proceeds are expected to be about $70.1 million. The company plans to use the funds, along with borrowing, to repurchase 1.25 percent contingent convertible senior notes. The Las Vegas-based company expects the offering to close on July 25.

The company granted the underwriters an overallotment option to purchase 2.6 million more shares. Proceeds would be about $80.8 million if the underwriters exercise that option.

Deutsche Bank Securities Inc., Wachovia Securities, KeyBanc Capital Markets and Brean Murray, Carret & Co. are serving as underwriters.

Shares rose 8 cents, or 2.5 percent, to $4.49 in morning trading.

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