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Take-Two gets $350 million term loan, makes $200 million revolver draw
By Wendy Van Sickle
Columbus, Ohio, June 24 – Take-Two Interactive Software, Inc. entered into a $350 million unsecured 364-day term loan credit agreement with JPMorgan Chase Bank, NA as administrative agent on Wednesday and drew down $200 million under its $500 million five-year revolver dated May 23, according to an 8-K filing with the Securities and Exchange Commission.
The new term loan was fully drawn at closing and matures on June 21, 2023.
The term loan bears interest at SOFR plus a margin ranging from 75 basis points to 137.5 bps, depending on the company’s leverage ratio.
The company must comply with a maximum leverage ratio under the agreement.
Joint lead arrangers and bookrunners are JPMorgan and Wells Fargo Securities, LLC. Wells Fargo Bank, NA is the syndication agent.
Proceeds of the term loans will be used for general corporate purposes, which may include working capital, acquisitions, capital expenditures, any dividend or other distribution, repurchases of stock and repayments of debt.
Following the revolver draw, Take-Two has $300 million of availability under that credit agreement, which matures on May 23, 2027.
The revolver bears interest at SOFR plus 100 bps to 162.5 bps, depending on the company’s credit rating.
JPMorgan is administrative agent for the revolver. JPMorgan, Wells Fargo, BofA Securities, Inc. and BNP Paribas are joint lead arrangers and joint bookrunners, and Wells Fargo is syndication agent.
Take-Two closed the revolver on the same day it completed its acquisition of Zynga Inc.
Take-Two is a New York-based developer of interactive and mobile entertainment.
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