Take-Two Interactive Completes Convertible Bond Offering

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Take-Two InteractiveTake-Two Interactive has closed its previously announced convertible bond offering. The company has raised $280 million (the announced $250 million plus a $30 million over-allotment) by selling convertible senior notes due in 2016. The notes bear interest at 1.75% and are only convertible prior to June 1, 2016 if certain events occur. After that date (until the bonds mature on December 1, 2016), the notes are convertible to common stock at a rate of approximately $19.09 per share. The convertible bonds also have special provisions to make a change in control of the company more expensive. Read this if you wonder at the motivations of the company's management.

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This page contains a single entry by Editor published on November 16, 2011 4:31 PM.

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