GameTech International Refinances Debt

26 August 2008

GameTech International Inc., a designer, developer and marketer of electronic bingo systems, has announced it has entered in to a $40 million syndicated credit facility with U.S. Bank N.A. and Bank of the West.

The credit facility will be used to refinance debt, to buy a 100,000-square-foot Reno, Nev., facility as its new headquarters, to fund improvements to the facility and to serve as a credit line for corporate purposes.

“Our decision to change lenders has both community and financial benefits,” Jay M. Meilstrup, the company's president and chief executive, said in a prepared statement. “We are excited about building a relationship with two well established financial institutions that have a major presence within northern Nevada and the gaming industry.”