By Kenneth Lim
Boston, May 29 - Take-Two Interactive Software Inc. priced an upsized $120 million of five-year convertible senior unsecured notes on Thursday after the market closed near the rich end of talk to yield 4.375% with an initial conversion premium of 25%, according to an FWP filing with the Securities and Exchange Commission and market sources.
The deal amount was originally $100 million. Price talk was at a coupon of 4.25% to 4.75% and an initial conversion premium of 20% to 25%.
The notes were offered at par.
Bookrunners Barclays Capital Inc. and J.P. Morgan Securities Inc. have an over-allotment option for an additional $18 million in the registered off-the-shelf offering. The greenshoe was originally for $15 million. Citigroup Global Markets Inc. was a co-manager.
The notes are callable after the third year subject to a trigger at 150% of the conversion price. There are no puts.
There is a contingent conversion trigger at 130% of the conversion price.
The notes have dividend and takeover protection.
Proceeds will be used to pay for a convertible note hedge transaction and for general corporate purposes.
Take-Two is a New York-based game software developer.
| Issuer: | Take-Two Interactive Software Inc.
|
| Issue: | Convertible senior unsecured notes
|
| Amount: | $120 million, increased from $100 million
|
| Greenshoe: | $18 million, increased from $15 million
|
| Maturity: | June 1, 2014
|
| Bookrunners: | Barclays Capital Inc. and J.P. Morgan Securities Inc.
|
| Co-manager: | Citigroup Global Markets Inc.
|
| Coupon: | 4.375%
|
| Price: | Par
|
| Yield: | 4.375%
|
| Conversion premium: | 25%
|
| Conversion price: | $10.675
|
| Conversion ratio: | 93.6768
|
| Contingent conversion: | 130%
|
| Net-share settlement option: | Yes
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Call protection: | Non-callable before June 5, 2012; thereafter callable subject to 150% hurdle
|
| Puts: | None
|
| Price talk: | 4.25%-4.75%, up 20%-25%
|
| Pricing date: | May 28, after the close
|
| Settlement date: | June 3
|
| Distribution: | Registered
|
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