Ubisoft to price €400 million 0% five-year convertibles, up 50%-60%

By Rebecca Melvin

New York, Sept. 21 – Ubisoft Entertainment SA has launched an offering of €400 million of five-year 0% convertible bonds in the Oceane structure, which were talked at a conversion premium of between 50% and 60%, according to a news release.

Final terms were expected to be fixed late Wednesday, with settlement expected Sept. 27.

The Oceanes may be called after Oct. 18, 2019 if the average opening price of shares on the Euronext Paris exceeds 130% of the then prevailing conversion ratio over a 20-trading-day period.

Net proceeds will be used for general corporate purposes, including possible future acquisitions, share buybacks and existing debt refinancing.

Application is being made to list the Oceanes on the open market of the Frankfurt Stock Exchange.

Ubisoft is a Paris-based independent publisher of video games.

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