Commentary & Deal Flow

Electronic Arts Inc (EA) has commenced its jumbo LBO debt financing with the announcement this morning of the Oak- Eagle AcquireCo Inc $5.75bn equivalent ($4bn and EUR1.531bn) sr sec term loan B via JPM/BofA/Barc/BMO/Citi/DB/KKR/MS/RBC/BNP/HSBC/Jefferies/ Mizuho/MUFG/Santander/UBS/WFS/Citizens/Scotia/Stifel jt books. Lender call 10am NYT 03/17 and small group meetings 03/17-18; Commitment deadline 5pm local time 03/23.

The debt financing will also include $6.5bn equivalent (US$ and EUR) sr sec notes and $2.5bn sr unsec notes. Via JPM+, which is expected to follow the TLB marketing. and $3.25bn sr sec term loan A.

UOP: to fund the acquisition of Electronic Arts by Public Investment Fund, Silver Lake, and Affinity Partners for $210 per share in cash representing an enterprise value of $55bn. The equity sponsors will provide new or rollover equity of $36bn (PIF will rollover its 9% holding). Closing is expected in Q1 2027. Biz: a global leader in digital interactive entertainment.  HQ: Redwood City, CA. (Acquisition announced 09/29/2025).