WASHINGTON - A JPMorgan-led banking group has launched the sale of a $5.75 billion cross-border Term Loan B to finance the $55 billion take-private acquisition of Electronic Arts.
The loan includes a $4 billion U.S. dollar tranche and a €1.531 billion (equivalent to $1.75 billion) euro tranche. It is being offered at 98.5 cents on the dollar with floating interest rates of 350-375 basis points over SOFR and Euribor, respectively.
The broader financing package also includes a $3.25 billion Term Loan A and $9 billion in additional secured and unsecured debt in both currencies.
The acquisition-led by Saudi Arabia’s Public Investment Fund, Silver Lake, and Affinity Partners-is expected to close in June, per the original September announcement.
Investor commitments for the Term Loan B are due by market close on March 23.