Ubisoft talks €450 million 2.375% Oceanes due 2028 to yield 3%-3.5%, up 40%-45%

By Abigail W. Adams

Portland, Me., Nov. 7 – Ubisoft Entertainment SA plans to price €450 million of 2.375% notes due 2028 in the Oceane structure on Tuesday at par with price talk for a redemption price of 104 to 107.4 for a yield of 3% to 3.5% and an initial conversion premium of 40% to 45%, according to a company news release.

Credit Agricole CIB, J.P. Morgan Securities LLC and BNP Paribas Securities Corp. are joint global coordinators and bookrunners for the offering, which is being marketed to qualified investors via the French Monetary and Financial Code.

HSBC and Societe Generale SA are co-global coordinators and joint bookrunners.

Commerzbank is co-lead manager.

The bonds are non-callable until Dec. 6, 2026 and then subject to a 130% hurdle.

The bonds are putable on Nov. 15, 2026 or upon a fundamental change at the accreted principal amount, or amount identical to the yield that would have been obtained at maturity.

There will be a concurrent private placement of shares to facilitate hedge activity.

Tencent, which owns a 5.5% stake in the company, announced its intention to order 5% of the nominal amount of the offering and 30% of the private placement of shares.

Proceeds will be used for general corporate purposes and debt refinancing.

The video game company is based in Paris.

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