Take-Two greenshoe exercised, ups 4.375% convertibles to $138 million

By Angela McDaniels

Tacoma, Wash., June 3 - Take-Two Interactive Software Inc. said the underwriters for its five-year convertible senior unsecured notes exercised their over-allotment option in full, increasing the issue size to $138 million from $120 million.

As previously reported, the upsized deal priced at par after the market closed on May 28 to yield 4.375% with an initial conversion premium of 25% and a conversion price of $10.675.

Bookrunners Barclays Capital Inc. and J.P. Morgan Securities Inc. were originally given a $15 million greenshoe in the registered off-the-shelf offering before it was increased to $18 million. Citigroup Global Markets Inc. was a co-manager.

The notes are callable after the third year subject to a trigger at 150% of the conversion price. There are no puts.

Proceeds will be used to pay for a convertible note hedge transaction and for general corporate purposes.

Take-Two is a New York-based game software developer.

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