Activision Blizzard Prices $1.2 Billion of Senior Unsecured Notes
May 23 2017 - 5:51PM
Business Wire
Activision Blizzard, Inc. (NASDAQ: ATVI) today announced the
pricing of three series of senior unsecured notes in an aggregate
principal amount of $1.2 billion, in a public underwritten
offering, consisting of $400 million of 2.600% senior notes due
2022, $400 million of 3.400% senior notes due 2027 and $400 million
of 4.500% senior notes due 2047.
The offering is expected to close on May 26, 2017, subject to
customary closing conditions.
Each series of notes will be the general senior obligation of
Activision Blizzard and will be effectively subordinated to all of
Activision Blizzard’s future senior secured debt, if any, to the
extent of the value of the assets securing such debt. The notes
will not be guaranteed by any of Activision Blizzard’s
subsidiaries.
Activision Blizzard intends to use the net proceeds of
approximately $1.18 billion from the offering, together with cash
on hand, to permanently prepay $1.2 billion principal amount
outstanding under its term loan “A” facility.
The offering is being made pursuant to an effective registration
statement filed by Activision Blizzard with the Securities and
Exchange Commission on September 7, 2016. BofA Merrill Lynch, J.P.
Morgan and Wells Fargo Securities are acting as joint book-running
managers.
The offering may be made only by means of a prospectus and
related prospectus supplement. Potential purchasers of the Notes
can obtain copies of the prospectus and related prospectus
supplement from Merrill Lynch, Pierce, Fenner & Smith
Incorporated, at 200 North College Street, NC1-004-03-43,
Charlotte, NC 28255-0001, Attention: Prospectus Department, or by
calling toll-free (800) 294-1322 or by email at
dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, at 383
Madison Avenue, New York, NY 10179, Attention: Investment Grade
Syndicate Desk, or by calling (212) 834-4533 or by fax at (212)
834-6081; or Wells Fargo Securities, LLC, at 608 2nd Avenue South,
Suite 1000, Minneapolis, MN 55402, or by calling toll-free (800)
645-3751 or by email at wfscustomerservice@wellsfargo.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be
any sales of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Activision
Blizzard
Headquartered in Santa Monica, California, Activision Blizzard
has operations throughout the world, and its games are played in
196 countries.
Cautionary Note Regarding Forward-looking Statements: The
statements contained in this press release that are not historical
facts are forward-looking statements, including statements
regarding Activision Blizzard’s ability to consummate the offering
described in this press release. Forward-looking statements are
subject to business and economic risk, reflect management's current
expectations, estimates and projections about our business, and are
inherently uncertain and difficult to predict. The company cautions
that a number of important factors could cause Activision
Blizzard's actual future results and other future circumstances to
differ materially from those expressed in any forward-looking
statements. Such factors include, but are not limited to,
Activision Blizzard's ability to consummate the offering in the
currently anticipated timeframe or at all, the negotiations between
Activision Blizzard and the underwriters and the other factors
identified in "Risk Factors" included in Part I, Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2016 and
subsequent quarterly reports on Form 10-Q. The forward-looking
statements in this press release are based on information available
to the company at this time and we assume no obligation to update
any such forward-looking statements. Although these forward-looking
statements are believed to be true when made, they may ultimately
prove to be incorrect. These statements are not guarantees of our
future performance and are subject to risks, uncertainties and
other factors, some of which are beyond our control and may cause
actual results to differ materially from current expectations.
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version on businesswire.com: http://www.businesswire.com/news/home/20170523006577/en/
Activision Blizzard, Inc.Amrita Ahuja, 310-255-2075SVP, Investor
RelationsAmrita.Ahuja@Activision.comorMary Osako, 424-322-5166SVP,
Global CommunicationsMary.Osako@Activision.com
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