Bigben talks €85 million five-year bonds exchangeable for Nacon at 1.59%-1.83% yield, up 20%-25%

By Abigail W. Adams

Portland, Me., Feb. 12 – Bigben Interactive SA plans to price €85 million of five-year bonds exchangeable for Nacon SA shares with talk for a coupon of 1% to 1.25%, a yield of 1.59% to 1.83% and an initial exchange premium of 20% to 25%, according to a market source and a company news release.

The bonds will be issued at par and redeemed at maturity at 103% of their nominal value.

BNP Paribas, Berenberg and TP ICAP are joint global coordinators and bookrunners for the Regulation S offering.

The bonds are non-callable for three years and then subject to a 130% hurdle.

They are putable upon a change-of-control or delisting event.

The notes will be settled in cash, shares or a combination of both.

Concurrently, the company will sell a number of shares in an accelerated bookbuilding process to facilitate hedging transactions.

Proceeds will be used to fund organic growth, for potential acquisitions and to finance the company’s share buyback program.

Bigben holds 76.67% of Nacon’s shares.

Bigben Interactive is a Nord, France-based video game developer and publisher.

Nacon is a video game accessory company.

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