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by Stephen Carter
Mar 24, 2026 1:36 PM ET
+++Corrects EUR sr sec notes DBR spread: +339bp (not +399bp)+++
Oak-Eagle AcquireCo Inc (Electronic Arts Inc ) (EA) US$6.625bn (down from US$8bn and US$9bn) equivalent (US$/EUR) 144A/Reg S 3-part notes. No reg rights. Via JPM (B&D)/BofA/Barc/BMO/Citi/DB/KKR/MS/RBC/BNP/HSBC/Jeff/Miz/MUFG/Santander/UBS/WFS/Citizens/JMP/Scotia/Stifel jt books. No reg rights. NY law. SMR at 100 if the acquisition has not closed by 12/29/26 (03/29/27 outside date). Settles 04/08 (T+10).
- US$4.125bn (down from US$5.5bn and US$6.5bn) equivalent sr sec notes 2-part. Ba3/BB (stable/stable).
- US$2.875bn (down from $3.75bn and US$4.75bn) sr sec notes due 07/01/33 (7.25y). NC3.25 (07/01/29) (MWC T+50bp), then at 103.625 07/01/29,, 101.813 07/01/30, 100 07/01/31. Equity claw: 3.25y 40% at 107.25. IPO claw: 3.25y for up to 100% at 107.25. Special call: 10% per year the first 3 years at 103. CoC at 101. Pays Jan 01 and July 01, starting 01/01/27. Denoms: 2kx1k. 144A CUSIP: 67124CAA1; 144A ISIN: US67124CAA18. IPT: high 7s. Price talk: 7.25%-7.50%. Priced: 7.25% at 100. +305bp vs 3.375% 05/15/33.
- EUR1.080bn (US$1.25bn equivalent) (down from EUR1,531,075,000 (US$1.75bn equivalent)) sr sec notes due 07/01/33 (7.25y). NC3.25 (07/01/29) (MWC B+50bp), then at 103.125 07/01/29, 101.563 07/01/20, 100 07/01/31. Equity claw: 3.25y 40% at 106.25. IPO claw: 3.25y for up to 100% at 106.25. Special call: 10% per year the first 3 years at 103. List ISE. CoC at 101. Pays Jan 01 and July 01, starting 01/01/27. Denoms: 100kx1k. Reg S ISIN: XS3323687023. IPT: high 6s. Price talk: 6.25%-6.50%. Priced: 6.25% at 100. +339bp vs DBR 2.60% 08/15/33.
- US$2.5bn sr unsec notes due 07/01/34 (8.25y). NC3.25 (07/01/29) (MWC T+50bp), then at 104.375 07/01/29, 102.188 07/01/30, 100 07/01/31. Equity claw: 3.25y 40% at 108.75. IPO claw: 3y for up to 100%. B3/B (stable/stable). List ISE. CoC at 101. Pays Jan 01 and July 01, starting 01/01/27. Denoms: 2kx1k. 144A ISIN: 67124CAB9; 144A ISIN: US67124CAB90. IPT: +150-175bp vs the sr sec note tranche. Price talk: +150bp vs the US$ sr sec tranche. Priced: 8.75% at 100. +449bp vs 4.375% 05/15/34.
$875m US$ sr sec downsize and US$500m EUR sr sec downsize switched to the US$ term loan ($1.125bn upsize) and the EUR term loan ($250m upsize). Did investor call at 11:30am 03/23. Books closed at 10:30am NYT / 2:30pm UKT 03/24. (Lender call 10am NYT 03/17; small group meetings 03/17-18; Commitment deadline 5pm local time 03/23). UOP: along with US$3.25bn term loan A and US$8.125bn (up from US$6.75bn and US$5.75bn) equivalent (consisting of $6.125m (up from US$5bn and US$4bn) and EUR1.725bn (US2bn equivalent) (up from EUR1.531bn (US$1.75bn equivalent)) sr sec term loan B via JPM/BofA/Barc/BMO/Citi/ DB/KKR/MS/RBC/BNP/HSBC/ Jefferies/Mizuho/ MUFG/Santander/BS/WFS/Citizens/ Scotia/Stifel jt books,and $2.4bn cash on hand, 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 $36.335bn (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).
Netroadshow direct link: http://www.netroadshow.com/nrs/home/#!/?show=c7298c30. Entry code:EAHYB2026. Available now.