Take-Two (TTWO -5.1%) opens lower after announcing a debt refinancing move. The game developer...

|About: Take-Two Interactive Softwa... (TTWO)|By:, SA News Editor

Take-Two (TTWO -5.1%) opens lower after announcing a debt refinancing move. The game developer is selling $250M worth of convertible senior notes due 2018, and will use up to $166M of the proceeds to redeem 4.375% convertible senior notes due 2014 (and thereby avoid conversion/share dilution). Wedbush suggested yesterday Take-Two is planning a redemption, as shares rallied following the cancellation of investor meetings. (prospectus)