real-time news and commentary for investors
Tuesday, Sep 3
Activision to offer $2.5B in senior notes to help finance Vivendi deal
- Activision Blizzard (ATVI +4.7%) will offer $1B in 2020 senior secured notes, $1B in 2021 senior unsecured notes, and $0.5B in 2023 senior unsecured notes.
- Proceeds will be used to help finance Activision's repurchase of 429M shares (38.2% of the company) from Vivendi.
- Separately, an investor group led by CEO Bobby Kotick and Co-Chairman Brian Kelly plans to purchase 172M shares (15.3%) from Vivendi. The consortium includes Tencent, Fidelity Management, Davis Advisors, and Leonard Green and Partners.
- Moody's assigned Activision a Ba1 rating and ratings of Ba2 and Ba3 on its debt issuances.
- Previous: Activision credit facility going live next week; CS cuts estimates