By Rebecca Melvin
New York, Sept. 21 – Ubisoft Entertainment SA launched and priced €400 million of 0% five-year convertible bonds in the Oceane structure on Wednesday at a premium of 60% over the Ubisoft reference price on the Euronext in Paris, according to a news release.
The Regulation S securities priced at the 0% talked coupon and at the rich end of 50% to 60% talk for the premium.
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.
Credit Agricole CIB and JPMorgan were joint bookrunners of the deal, and Commerzbank was joint lead manager.
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.
| Issuer: | Ubisoft Entertainment SA
|
| Issue: | Convertible bonds in Oceane structure
|
| Amount: | €400 million
|
| Maturity: | 2021
|
| Bookrunners: | Credit Agricole CIB, JPMorgan
|
| Joint lead manager: | Commerzbank
|
| Coupon: | 0%
|
| Price: | Par of €54.74
|
| Premium: | 60%
|
| Call option: | After Oct. 18, 2019 at 130% price hurdle
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 27
|
| Distribution: | Regulation S
|
| Price talk: | 0%, up 50%-60%
|
| Stock symbol: | Paris: UBI
|
| Stock price: | €34.36 at close Sept. 21
|
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