Take-Two Interactive plans to redeem all 4.375% convertibles due 2014

By Tali David

Minneapolis, June 12 - Take-Two Interactive Software, Inc. plans redeem all of its 4.375% convertible senior notes due 2014 with the proceeds of a new offering, according to a press release.

The convertibles will be redeemed on Aug. 29.

The company will settle convertibles surrendered for conversion in connection with the redemption on a combination settlement basis by paying cash up to an amount equal to $1,202.89 per $1,000 principal amount of converted notes (up to $166 million in the aggregate) and delivering shares of the company's common stock.

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

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