10/29/08 - Lakes Entertainment Closes on $8 Million Non-Revolving Line of Credit Loan Agreement


Entertainment, Inc. (NASDAQ: LACO) announced today that it has closed on a two-year interest only $8 million non-revolving line of credit loan agreement with the First State Bank of Arkansas. The interest rate of the loan is 8.95%. Upon closing, the company initially drew $2 million from the line of credit. This loan, in conjunction with the company’s recently completed credit line agreement with UBS Financial Services for 75% of the market value of the company’s auction rate securities, is expected to provide Lakes with funding sources to cover working capital that may be needed in the foreseeable future.