Linklaters advised the banking syndicate on the issuing of OCEANEs by Ubisoft Entertainment
Linklaters Paris advised the banks’ syndicate comprising Crédit Agricole Corporate and Investment Bank and J.P. Morgan Securities plc acting as global coordinators and joint bookrunners, BNP Paribas, HSBC France and Société Générale acting as joint bookrunners and Commerzbank Aktiengesellschaft acting as joint lead manager in connection with the issue of zero-coupon bonds convertible into or exchangeable for new or existing shares (“OCEANEs”) for an approximative nominal amount of €500 million, due 2024. The OCEANEs were offered to institutional investors and have been admitted to trading on Euronext Access.
This issue was carried out under very favourable conditions, including a 65% issue premium which is higher than the higher end of the indicated premium range. The net proceeds of the issue will be used for general corporate purposes, including possible future acquisitions and existing debt refinancing.
Concurrently with the issue of OCEANEs, Ubisoft is exercising its option to redeem its outstanding c.€400 million OCEANES due 2021 issued on 27 September 2016.
The Linklaters team was led by Véronique Delaittre and Bertrand Sénéchal, partners, assisted by Olivia Giesecke, managing associate, and Clément Moine, associate. Nadine Eng, managing associate, was in charge of the tax aspects.
Ubisoft Entertainment was advised by the Allen & Overy team, comprising Olivier Thébault (counsel, Mergers & Acquisitions), Jade Billère-Mellet and Jordan Amsellem (associates, Mergers & Acquisitions). Julien Sébastien (partner) also intervened on the capital markets aspects. Diana Billik (partner) and Karin Braveman (managing associate) were in charge of the US law aspects, and Mathieu Vignon (partner) and Virginie Chatté (managing associate) on the tax law aspects.