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Activision Blizzard to prepay $1.2 billion of term loan via new issue
By Susanna Moon
Chicago, May 23 – Activision Blizzard, Inc. plans to prepay $1.2 billion principal amount of its $2.19 billion outstanding term loan A due 2021 using proceeds of new notes.
The company plans to price senior notes due 2022, 2027 and 2047, according to a 424B3 filing with the Securities and Exchange Commission.
The term loan A had an initial aggregate principal amount of $2.55 billion. The credit agreement also provides for a $250 million revolving component. The revolver remains undrawn.
Interest on the loans was 2.23% as of March 31. The interest rate ranges from Libor plus 112.5 basis points to Libor plus 200 bps based on the company’s corporate ratings.
The credit agreement requires quarterly principal payments of 0.625% of the principal amount, with step-ups to 1.25% beginning Sept. 30, 2019 and to 3.125% on Sept. 30, 2020, with the remainder payable at maturity.
The loans may be prepaid at any time, in minimum principal amounts, without premium or penalty.
The company said that, as a result of prepayments through March 31, it has satisfied the remaining required quarterly principal repayments through the entire term of the agreement.
Activision Blizzard is a Santa Monica, Calif.-based developer and distributor of video game content and services.
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