Take-Two ups 3.3% note tender cap to $650 million with early results

By William Gullotti

Buffalo, N.Y., June 2 – Take-Two Interactive Software, Inc. gave early tender results for its 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 on Friday.

As of the early deadline, 5 p.m. ET on June 1, which was also the withdrawal deadline, Take-Two received $676,243,000 aggregate principal amount of notes validly tendered and not validly withdrawn, leading the company to up the tender cap to $650 million.

As previously reported, 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, as well as a 96.13% proration factor.

Although the offer is still scheduled to expire at 5 p.m. ET on June 16, the company will no longer accept tenders due to notes already tendered in excess of the increased cap.

Settlement is still expected on June 5.

As previously reported, 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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