Take-Two greenshoe exercised, lifts 1% convertibles to $287.5 million

By Tali David

Minneapolis, July 17 - Take-Two Interactive Software, Inc. said the over-allotment option on its offering of 1% convertible senior notes due 2018 was exercised in full, increasing the offering by $37.5 million.

As previously reported, the company priced $250 million of the five-year convertibles on June 13 at 98.5 with a 40% initial conversion premium.

The total issue size is now $287.5 million.

The joint bookrunning managers were J.P. Morgan Securities LLC, Barclays and Wells Fargo Securities LLC.

A portion of the proceeds will be used to redeem all of the company's outstanding 4.375% convertibles due 2014, with remaining proceeds earmarked for general corporate purposes, which may include acquisitions and other strategic investment, refinancing of debt and stock repurchases.

New York-based Take-Two is an interactive entertainment software company.

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