Infogrames announces terms of tender for Oceanes

New York, Feb. 17 - Infogrames Entertainment SA announced terms of its exchange offer for its convertible bonds due 2005 in the Oceanes structure.

The company said it had amended the offer after a previous proposal failed to receive the necessary quorum. Holders of 60% of the bonds have agreed to support the new offer at a meeting scheduled for March 4.

For each Oceane, holders will receive one Infogrames Entertainment note with a face value of €14, paying interest at 6% a year, maturing in equal portions in 2006, 2007 and 2008; €11.20 in cash and 10 newly issued shares.

Terms of any Oceanes not tendered will be adjusted to increase the conversion ratio to 10.5 from 1.05 and extend the maturity date to July 1, 2011. The call premium on the bonds will be eliminated.

The Lyon, France, computer games company said it expects to complete the tender by March 31.

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