Ubisoft calls off 500 million euros bonds tender offer over bad market conditions

FILE PHOTO: The UbiSoft Entertainment logo is seen at the Paris Games Week (PGW), a trade fair for video games in Paris, France, October 29, 2019. REUTERS/Benoit Tessier/File Photo

(Reuters) - French video game company Ubisoft on Wednesday called off its planned 500 million euro ($526.05 million) debt buyback citing bad market conditions.

"Given the current market conditions, Ubisoft has taken the decision to withdraw its proposed tender offer on its outstanding 500,000,000 euro 1.289% existing bonds due 30 January 2023," the company said in a statement.

Ubisoft earlier this month announced its plan to buy back the bonds and issue new ones in an effort to restructure its debt.

($1 = 0.9505 euros)

(Reporting by Michal Aleksandrowicz in Gdansk, editing by Tassilo Hummel)

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