LodgeNet Interactive to raise $50 million through private placement
LodgeNet Interactive Corporation plans to raise $50 million through the issuance of shares of its Series B – via private placement – cumulative perpetual convertible preferred stock, with a liquidation preference of $1,000 per share in a private offering to qualified institutional buyers.
LodgeNet Interactive is a US-based provider of interactive television and broadband solutions to hotels, resorts, and casinos.
LodgeNet Interactive expects to grant the initial purchaser of the preferred stock a 30-day option to purchase up to an additional $7.5 million of the preferred stock to cover over-allotments in a private placement.
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