Microsoft commences $3.65B exchange offers for Activision Blizzard notes in merger step

MICROSOFT CORP

Microsoft launches exchange offers for up to $3.65B of Activision Blizzard notes, offering new Microsoft notes and cash.
Early tender date Oct 27; holders tendering by then receive $1,000 of new notes plus $1 cash per $1,000 principal.
Exchange offers conditional on completion of each other; Microsoft may waive conditions at any time.
Concurrent consent solicitations to eliminate certain covenants, restrictive provisions and events of default from indentures.
New Microsoft notes not registered; Microsoft to use reasonable efforts to file registration statement within 450 days.

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