Atari 2009 Annual Report Download - page 94

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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
94
ORANE 2009 BONDS (ISIN code: FR0010696153)
On February 11, 2009 the Company completed the simplified public exchange offer relating to (i) the ORANE bonds
issued by Atari on January 4, 2008 and (ii) the stock warrants issued by Atari on December 22, 2006 and
January 24, 2007. A total of 1.479.871 ORANE 2008 bonds – representing 99.6% of the bonds still outstanding at
January 27, 2009 – were tendered to the offer, which resulted in the issue of 1.479.871 ORANE 2009 bonds.
The ORANE 2009 bonds are subject to the same conditions as the ORANE 2008 bonds, except for the conversion ratio
which has been set at 17 new or existing shares for one ORANE 2009 bond (instead of 8.94 new or existing shares for
one ORANE 2008 bond, after adjustment).
The bonds bear interest at an annual rate of 0.5% – representing €0.5 per bond – payable in arrears on April 1 each
year.
As of March 31, 2009 there were 1.479.871 ORANE 2009 bonds outstanding which could result in the issue of
25.157.807 new shares on redemption.
In accordance with IAS 32, Financial Instruments: Presentation, the Group‟s ORANE bonds are accounted for as
compound financial instruments. They are recognized in equity, apart from future minimum interest payable until the first
date from which IESA can exercise its early redemption option. The present value of the interest payable on the bonds
was €3.0 million at March 31, 2009 and was classified as debt at that date.
13.2. DEBT BY M ATURITY
The Group's debt breaks down as follows by maturity:
(€ million)
Year ended March 31, 2009
Due by March 2010 51.1
Due by March 2011 1.0
Due by March 2012 6.3
Due by March 2013 0.3
Due in subsequent years 3.6
Total 62.3
Amount
The €51.1 million due by March 31, 2010 primarily corresponds to the amount drawn down under the Banc of America
credit facility (€46.9 million) as well as the corresponding interest and charges (€3.1 million). The Banc of America (BOA)
credit facility is due to mature on December 31, 2009.
13.3. DEBT BY CURRENCY
The Group‟s debt breaks down as follows by currency:
(€ million) March 31, 2009 March 31, 2008
European Monetary Union currencies
59.1 22.8
USD 3.2 11.3
Other currencies - 0.6
Total 62.3 34.7
13.4. GUAR ANTEES AND COVENANT S
Guarantees
The Company has given various guarantees as security for the Banc of America loans to Atari Europe SAS and some of
its subsidiaries, consisting of:
A first-call guarantee.
Pledges of the entire equity interests in the following subsidiaries: Cryptic Studios, Inc., Eden Games SAS, Atari
Interactive Inc., Atari Inc. and Atari Europe SAS.
Pledge of 66% of the shares in Distribution Partners SAS (waived on July 7, 2009 due to the sale of the
remaining 66% interest to Namco Bandai Games Europe SAS).
Pledges of certain trademarks and rights relating to certain video games published by Atari Europe SAS.
Pledges of the intragroup receivables of certain Group subsidiaries.