Ubisoft talks €500 million Oceanes due 2031 to yield 2.625%-3.125%, up 45%-50%

By Abigial W. Adams

Portland, Me., Nov. 27 – Ubisoft Entertainment SA plans to price €500 million notes due 2031 in the Oceanes structure with price talk for a yield of 2.625% to 3.125% and an initial exchange premium of 45% to 50%, according to a company news release.

BNP Paribas, Credit Agricole CIB, HSBC and Societe Generale are joint global coordinators and bookrunners for the offering to qualified institutional buyers in accordance with the French Monetary and Financial Code.

Commerzbank, Goldman Sachs Bank Europe SE and Natixis are also joint bookrunners.

BNP Paribas, Credit Agricole CIB and JPMorgan served as dealer managers on the concurrent repurchase of the company’s Oceanes due 2024 and placement of existing shares to facilitate hedge activity.

The Oceanes due 2031 are non-callable until Dec. 26, 2028 and then subject to a 150% trigger.

They are putable on Dec. 5, 2029.

The reference share price will be determined by the concurrent placement of existing shares.

Guillmot Brothers Ltd. had indicated its intention to order €10 million shares in the concurrent placement.

The company intends to repurchase up to €250 million in principal of its Oceanes due 2024 through a reverse book building process with the repurchase price talked between €110.4 and €110.9.

Proceeds will be used for the repurchase of the 2024 Oceanes and general corporate purposes.

Ubisoft is a Montreuil, France-based video game publisher.

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