Midway ups its game with $75m placement

Midway has completed the private placement of USD 75 million of convertible notes as part of its strategy to become a "top tier" publisher during the next console cycle.

The company will earn net proceeds of around USD 72.3 million from the deal, which - according to an official statement - it intends to use "for general corporate purposes, including working capital and capital expenditures."

Midway "may also use a portion of the net proceeds to fund possible future acquisitions of, or strategic alliances with, development companies or other companies involved in the development or production of video games" - suggesting that the company's new strategy may also involve acquisitions and expansion.

"We believe this offering will help us to effectively execute our strategic plans and become one of the top-tier publishers in the next console cycle," said CEO David Zucker.

"We intend to continue to grow our revenue base by creating high quality next-generation games, building our intellectual property portfolio, and expanding our publishing business, while we leverage our investment in a unified technology framework to reduce our costs."