Take-Two Interactive to sell $350 million in premium notes

NEW YORK – Take-Two Interactive Software, Inc. (Nasdaq: TTWO), a prominent video game company, announced an underwritten supplemental public offering of $350 million aggregate principal amount of senior notes.

The offering includes $50 million of 5,000% senior notes due 2026 and $300 million of 4,950% senior notes due 2028.

The newly issued notes will serve as additional notes under existing notes, and the company previously issued 5,000% senior notes due 2026 and 4,950% senior notes due 2028 for $500 million each. These existing notes remain outstanding.

The new notes will have the same terms as the existing notes, except for the issuance date and initial offering price, and will be treated as a single series indented with the existing notes. They are also expected to be interchangeable with existing notes for U.S. federal income tax purposes and bear the same CUSIP number.

Take-Two plans to use the net proceeds from the offering for general corporate purposes, including the cancellation of 3,300% senior notes due at the end of 2024.

The offering is expected to close on January 8, 2024, subject to customary closing conditions. J.P. Morgan Securities LLC is the lead bookrunner for the offering.

This announcement is part of Take-Two’s ongoing business strategy. The company is best known for developing, publishing and marketing interactive entertainment around the world, with products available through a variety of platforms including consoles, PCs and mobile gaming systems. Its product portfolio includes games from Rockstar Games, 2K, Private Division and Zynga.

The offering is being made by a prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission (SEC) as part of a shelf registration statement effective April 6, 2019 through 2022.

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