Atari announces repurchase of €23.5 million 10% Oceanes due 2019

By Jennifer Chiou

New York, May 13 - Atari SA said it completed the repurchase of €23.5 million of its 10% bonds due Feb. 25, 2019 in the Oceane structure.

The offer was announced on Jan. 28.

The company said that since that time, it has issued 69,707,312 of its ordinary shares in exchange for the Oceanes, including 28,498,213 shares issued to Ker Ventures and 18,468,000 issued to California US Holdings.

The news of the planned repurchase came earlier this year 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.

In other news, the company issued 50,173 of its ordinary shares on April 1 in exchange for its Oranes dated 2008.

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.

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