By Abigail W. Adams
Portland, Me., Nov. 8 – Ubisoft Entertainment SA priced an upsized €470 million of 2.375% notes due 2028 in the Oceane structure on Tuesday at par with a redemption price of 102.41 for a yield of 2.75% and an initial conversion premium of 47.5%, according to a company news release.
Pricing came rich to talk for a redemption price of 104 to 107.4 for a yield of 3% to 3.5% and an initial conversion premium of 40% to 45%.
The initial size of the offering was €450 million.
Credit Agricole CIB, J.P. Morgan Securities LLC and BNP Paribas Securities Corp. were joint global coordinators and bookrunners for the offering, which is being marketed to qualified investors via the French Monetary and Financial Code.
HSBC and Societe Generale SA are co-global coordinators and joint bookrunners.
The bonds are non-callable until Dec. 6, 2026 and then subject to a 130% hurdle.
The bonds are putable on Nov. 15, 2026 or upon a fundamental change at the accreted principal amount, or amount identical to the yield that would have been obtained at maturity.
There was a concurrent private placement of shares to facilitate hedging activity with 3.1 million shares placed at €26.75 per share.
Tencent, which owns a 5.5% stake in the company, subscribed to €23.5 million or 5% of the offering and 929,000 shares in the concurrent private placement.
Proceeds will be used for general corporate purposes and debt refinancing.
The video game company is based in Paris.
| Issuer: | Ubisoft Entertainment SA
|
| Amount: | €470 million
|
| Issue: | Notes in Oceane structure
|
| Maturity: | Nov. 15, 2028
|
| Global coordinators: | Credit Agricole CIB, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., HSBC and Societe Generale SA
|
| Bookrunners: | Credit Agricole CIB, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., HSBC and Societe Generale SA
|
| Co-manager: | Commerzbank
|
| Coupon: | 2.375%
|
| Price: | Par
|
| Redemption price: | 102.41
|
| Yield: | 2.75%
|
| Conversion premium: | 47.5%
|
| Conversion price: | €39.4563
|
| Conversion ratio: | 2,534.4495
|
| Call options: | Non-callable until Dec. 6, 2026 and then subject to a 130% hurdle
|
| Put options: | Nov. 15, 2026 or upon a fundamental change
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 15
|
| Distribution: | French Monetary Code
|
| Talk: | Coupon of 2.375%, redemption price of 104 to 107.4 for yield of 3% to 3.5% and initial conversion premium of 40% to 45%
|
| Stock symbol: | PA: UBI
|
| Stock price: | €26.75
|
| Market capitalization: | €3.33 billion
|
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