Bigben Interactive Offers Partial Repayment and Extension of Its Nacon Convertible Bonds
Bigben Interactive has proposed to holders of its Nacon convertible bonds a restructuring plan that includes a partial repayment of 75,000 euros per bond and an extension of the maturity by six and a half years, according to the company.
Details of the Partial Repayment Plan
According to the press release, Bigben Interactive plans to repay 75,000 euros per bond on a nominal unit value of 100,000 euros, totaling 43.05 million euros for the 574 bonds in circulation. This repayment includes 72,000 euros of nominal value and 3,000 euros as a repayment premium. Following this operation, the nominal unit value of each bond would decrease from 100,000 euros to 28,000 euros, bringing the total outstanding amount to 16.072 million euros. The general assembly of bondholders, scheduled for February 2, 2026, must approve these changes. The group has already secured voting commitments representing about 51% of the bonds in circulation. These bonds, issued on February 19, 2021, with an initial amount of 87.3 million euros, carry an annual interest rate of 1.125% and are convertible into Nacon shares.
Extension of Maturity and Adjustment of Exchange Price
According to the press release, the proposed adjustments include a postponement of the maturity date by six and a half years, to August 19, 2032, from an initial maturity of February 19, 2026. The exchange price would be adjusted to 0.85 euros per Nacon share until August 19, 2029, and then to 0.80 euros until the final maturity. The group specifies that the interest rate will remain unchanged at 1.125% per annum, payable semi-annually. The bonds would continue to be traded on Euronext Access under the ISIN code FR0014001WC2. Bigben Interactive also indicates that it is considering transferring its listing to Euronext Growth Paris, while maintaining regular financial communication including an annual universal registration document, semi-annual accounts, and quarterly sales figures.
Context and Impact of the Restructuring
According to the group, this restructuring is part of a partial refinancing of 43 million euros obtained on November 24, 2025, from a pool of lenders, in the form of a secured loan repayable over six years. As of the date of the press release, the outstanding bonds amount to 57.4 million euros, with a total repayment amount of 59.1 million euros at maturity, considering the 3% premium. The company emphasizes that these adjustments aim to maintain operational and financial flexibility in connection with its development prospects. A second call for the assembly of bondholders is scheduled for February 13, 2026, in case there is no quorum at the first meeting. The implementation of the modifications is conditional upon their approval by the assembly and the signing of the necessary amendments with the agents.
