Take-Two Interactive talks $250 million five-year convertibles to yield 0.5%-1%, up 40%-45%

By Rebecca Melvin

New York, June 12 - Take-Two Interactive Software Inc. plans to price $250 million of five-year convertible senior notes after the market close Wednesday that were talked to yield 0.5% to 1% with an initial conversion premium of 40% to 45%, according to market sources.

The registered, off-the-shelf deal has an over-allotment option for up to $37.5 million additional notes.

Joint bookrunning managers are J.P. Morgan Securities LLC, Barclays and Wells Fargo Securities.

The notes may be settled in cash, shares or a combination of cash and shares. They are non-callable and there are no puts except a change-of-control put.

A portion of the proceeds will be used to redeem all of the company's outstanding 4.375% convertibles due 2014, with remaining proceeds earmarked for general corporate purposes, which may include acquisitions and other strategic investment, refinancing of debt and stock repurchases.

New York-based Take-Two is an interactive entertainment software company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.