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Electronic Arts refinances with $500 million revolver due 2028
By Marisa Wong
Los Angeles, March 22 – Electronic Arts Inc. refinanced on March 22 its existing unsecured committed $500 million revolving credit facility, which was undrawn and due to expire on Aug. 29, 2024, with a $500 million unsecured committed revolver due March 22, 2028, according to an 8-K filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA is administrative agent.
The credit agreement contains an increase option permitting the company to arrange with existing lenders or new lenders for up to an aggregate of $500 million of additional commitments for revolving loans and an extension option permitting the company to extend the revolver for an additional one-year term. The extension option may be exercised no more than two times.
Loans are available in U.S. dollars, euros, pounds sterling, Japanese yen, Canadian dollars and any other currency agreed to by the administrative agent.
Loans bear interest at adjusted term SOFR plus a credit spread adjustment of 10 basis points plus an applicable spread based on the company’s debt credit ratings.
The company is also required to maintain compliance with a debt-to-EBITDA ratio.
JPMorgan Chase Bank, NA, BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Goldman Sachs Bank USA are joint bookrunners and joint lead arrangers for the revolver.
Bank of America, NA, BNP Paribas, Citibank, NA and Goldman Sachs Bank US are co-syndication agents.
Proceeds may be used for general corporate purposes. No loans were made on the closing date.
Electronic Arts is a Redwood City, Calif.-based video game maker.
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