Atari plans €30 million offering of convertible bonds

By Wendy Van Sickle

Columbus, Ohio, March 22 – Atari SA plans to issue €30 million of convertible bonds soon, according to a news release.

The convertibles will be issued through a public offering in France with a priority subscription period for all Atari shareholders.

Irata LLC, which holds 29.2% of the share capital of Atari, has indicated that it intends to subscribe its pro rata share and to provide a firm underwriting for convertible bonds equal to at least to 75% of the total amount of the offering.

Irata is expected to enter a contract not to convert its bonds into Atari shares until at least June 25, 2025.

The company said the bonds will help it to meet its capital needs to implement its new growth strategy and refinance its debt. Atari also announced plans on Wednesday to acquire 100% of Night Dive Studios Inc., a full-service game development and publishing company based in Vancouver, Wash., for an initial consideration of $10 million in cash and shares and an earn-out of up to $10 million, payable in cash over the next three years based on the future performance of Night Dive.

Atari is a Paris entertainment and licensing company.

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