SANTA MONICA, Calif.--(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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170523006577/en/
Activision Blizzard, Inc.
Amrita Ahuja, 310-255-2075
SVP,
Investor Relations
Amrita.Ahuja@Activision.com
or
Mary
Osako, 424-322-5166
SVP, Global Communications
Mary.Osako@Activision.com
Source: Activision Blizzard, Inc.
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