By Helena Smolak and Mauro OrruShares of Ubisoft Entertainment slumped after the maker of the Assassin's Creed videogame franchise placed bonds convertible or exchangeable into shares to bolster its financial flexibility, refinance existing debt, and to fund repurchase of shares. At 1025GMT, Ubisoft shares traded 9% lower at EUR26.75. Ubisoft said Tuesday that it had raised 494.5 million euros ($541.7 million) from the placement. Ubisoft plans to use about half of the funds it raised to repurchase up to EUR250 million in shares. Write to Helena Smolak at helena.smolak@wsj.com and Mauro Orru at mauro.orru@wsj.com(END) Dow Jones Newswires11-28-23 0555ET

Source: Wall Street Journal November 28, 2023 11:00 UTC