Take-Two Interactive announced the pricing of $120 mln of 4.375% convertible senior notes due 2014. The co had previously announced a proposed notes offering of $100 mln in gross proceeds. The offering size was increased to $120 mln in gross proceeds based on market demand. In addition, the co has granted the underwriters the option to purchase up to an additional $18 mln of notes on the same terms and conditions to cover over-allotments, if any. The notes will pay interest semi-annually at a rate of 4.375% per annum and will mature on June 1, 2014. The notes will be convertible under certain circumstances and during certain periods at an initial conversion rate of 93.6768 shares of the co's common stock per $1,000 principal amount of notes (representing an initial conversion price of ~$10.675 per share of common stock), subject to adjustment in certain circumstances. The initial conversion price represents a conversion premium of 25% over the last reported sale price of the common stock of $8.54 per share. Prior to December 1, 2013, the notes will be convertible only upon specified events and, thereafter, at any time.