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CREDIT UPDATE: Ubisoft (UBIFP: NR): Clarification on CoC Put

CREDIT UPDATE
BulletCredit Bullets
  • Negative
  • UBIFP 0.878 27s rallied 7pts on Friday following speculation that the company would be taken private
  • The bond has a CoC Put at Par
  • Investors need to be very careful here.... The Put specifically excludes any Change of Control by the Existing Concert (the Guillemot Brothers)
  • The company was founded by the 5 brothers and that they still retain c.15% of the company. Friday's news speculated that the brothers would join Tencent in taking the company private.
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  • Negative
  • UBIFP 0.878 27s rallied 7pts on Friday following speculation that the company would be taken private
  • The bond has a CoC Put at Par
  • Investors need to be very careful here.... The Put specifically excludes any Change of Control by the Existing Concert (the Guillemot Brothers)
  • The company was founded by the 5 brothers and that they still retain c.15% of the company. Friday's news speculated that the brothers would join Tencent in taking the company private.