Allen & Overy has advised Ubisoft on the placement of bonds convertible into and/or exchangeable for new or existing shares (“OCEANEs”) due 2028 by way of a public offering only to qualified investors, for a nominal amount of EUR470 million.
The net proceeds of the Offering will be used for general corporate purposes, including increased financial flexibility and existing debt refinancing.
The bonds will be issued at 100% of their principal amount on 15 November 2022 and will be redeemed on 15 November 2028, at a redemption price which has been set at 102.41% of the principal amount, implying an annual yield to maturity of 2.75%. They will carry an annual interest rate of 2.375%.
The Allen & Overy team in Paris was led by partner Olivier Thébault, with associates Jade Billère-Mellet and Marie Silvain on corporate aspects.
The team also included partner Hervé Ekué and associate Nadège Debeney on capital markets aspects, partner Diana Billik and London associate Samantha Grayman on US law aspects, partner Mathieu Vignon and senior associate Virginie Chatté on tax aspects.
