Atari anticipates redemption of €23.55 million of 10% Oceanes due 2019

By Jennifer Chiou

New York, Jan. 28 - Atari SA announced that it expects to repurchase €23.55 million of its 10% bonds due Feb. 25, 2019 in the Oceane structure.

According to a press release, this news comes as the average of the company's shares has surpassed the 130% hurdle for the 20 consecutive trading days to March 21.

Including a partially exercised over-allotment option, Atari issued the bonds on Feb. 24 at €0.25 each for total proceeds of €28,331,302.

As reported, the subscription period for the bonds ran from Jan. 29 to Feb. 14, and the company offered €25.8 million Oceanes with a €2.95 million greenshoe.

The anticipated redemption price is €0.255 per Oceane.

The offering was previously announced as the final step of the company's restructuring process.

Atari is a Paris entertainment and licensing company originally called Infogrames Entertainment, SA. Subsidiaries include Atari London Studio, Eden Games, Atari Interactive, Atari, Inc. and Humongous. The company's stock closed at €0.42 (Euronext: ATA) on Jan. 28, when the offer was announced.

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