Take-Two tenders for up to $500 million 3.3% notes due 2024

By Wendy Van Sickle

Columbus, Ohio, May 18 – Take-Two Interactive Software, Inc. began a cash tender offer for up to $500 million principal amount of its $1 billion of outstanding 3.3% senior notes due 2024 (Cusip: 874054AE9), according to a news release.

The company will price the offering based on the 2.25% U.S. Treasury note due March 31, 2024 at 10 a.m. ET on June 2.

The total consideration will include an early tender premium of $50 per $1,000 principal amount that will be paid only to holders who tender by the early deadline, 5 p.m. ET on June 1, which is also the deadline to withdraw tenders.

The offer will expire at 5 p.m. ET on June 16.

Early settlement is expected on June 5 and final settlement on June 21.

The offer is not conditioned on any minimum principal amount of notes being tendered. However, there are a number of other conditions.

The company plans to fund the offer with cash on hand, including part of the proceeds of its $1 billion senior notes offering in April.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-48180 is the lead dealer manager, and Wells Fargo Securities, LLC is the co-dealer manager.

D.F. King & Co., Inc. (800 431-9645, 212 269-5550 or take-two@dfking.com) is the information agent and tender agent.

Take-Two is a New York-based developer, publisher and marketer of interactive entertainment.

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