By Wendy Van Sickle
Columbus, Ohio, April 10 – Take-Two Interactive Software, Inc. priced $1 billion of senior notes (Baa2/BBB) in two parts on Monday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $500 million of 5% three-year notes at 99.945 to yield 5.021%, or Treasuries plus 125 basis points.
Take-Two sold $500 million of 4.95% five-year notes at 99.92 to yield 4.969%, or a spread of 145 bps over Treasuries.
J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and BNP Paribas Securities Corp. are the joint bookrunners.
The notes will feature a make-whole call and then a par call.
A portion of the proceeds will be used to repay in full Take-Two’s term loan, which has a principal balance of $350 million as of Dec. 31 and matures on June 21, 2023. Any remaining proceeds will be used for general corporate purposes, including repurchase or retirement of debt.
Take-Two is a New York-based developer, publisher and marketer of interactive entertainment.
| Issuer: | Take-Two Interactive Software, Inc.
|
| Amount: | $1 billion
|
| Issue: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and BNP Paribas Securities Corp.
|
| Co-manager: | HSBC Securities (USA) Inc.
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Willkie Farr & Gallagher LLP
|
| Counsel to underwriters: | Latham & Watkins LLP
|
| Change of control: | At 101
|
| Pricing date: | April 10
|
| Settlement date: | April 14
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| 2026 notes
|
| Amount: | $500 million
|
| Maturity: | March 28, 2026
|
| Coupon: | 5%
|
| Price: | 99.945
|
| Yield: | 5.021%
|
| Spread: | Treasuries plus 125 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps prior to maturity
|
| Cusip: | 874054AJ8
|
|
|
| 2028 notes
|
| Amount: | $500 million
|
| Maturity: | March 28, 2028
|
| Coupon: | 4.95%
|
| Price: | 99.92
|
| Yield: | 4.969%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until Feb. 28, 2028, then callable at par
|
| Cusip: | 874054AK5
|
|
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