Take-Two Interactive Software, Inc. Closes on Expanded $140 Million Senior Secured Revolving Credit Facility

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that it has closed on an expanded five-year, senior secured revolving credit facility in the aggregate principal amount of up to $140 million.

The expanded $140 million line reflects an increase of $40 million from the $100 million line previously obtained from Wells Fargo Foothill, Inc., and allows for borrowings of up to $25 million in the UK. Lenders participating in the expanded line include Wells Fargo Foothill and Citigroup. The credit facility will be used to fund working capital, capital expenditures and for other general corporate purposes, and is secured primarily by the Company’s U.S. and UK assets. The terms and conditions of the credit facility are detailed in the Company’s Form 8-K filed with the Securities and Exchange Commission today.

“Our credit facility will support our periodic working capital needs during the busy holiday season and beyond,” said Ben Feder, Chief Executive Officer of Take-Two. “We look forward to further strengthening our financial position with the release of our solid 2008 product slate, including Grand Theft Auto IV in our fiscal 2008 second quarter.”