Infogrames bond fully subscribed

Infogrames, the parent company of US-based Atari Inc., has announced that its EUR 150 million convertible bond issue has been fully subscribed.

The company will publish detailed results from the offering, underwritten by leading shareholder BlueBay Asset Management, on January 4.

Approximately EUR 40 million of the proceeds will be used to repay loans from Banc of America. The bank's credit line of EUR 54.7 million will remain available to the company until the extended date of February 28, 2009.

Infogrames said that it will use the remaining proceeds, expected to be over EUR 100 million after issuance costs, to finance its investments, relaunch its publishing activities, and meet operating costs.

Infogrames stock last traded at EUR 0.13. The company recently restructured its relationship with its US unit, Atari Inc., after that company withdrew from videogame production.