EA borrows $1bn to close in on Take Two

MCV Staff 11th May 2008 Business News

Electronic Arts has secured a loan of $1 billion to support its bid for Take Two, which is due to be

concluded this Friday

.

In a form filed with the SEC, EA said that it had received a commitment for up to $1 billion in ‘senior unsecured term loan financing’ to help with the acquisition.

The company said in the SEC filing that it had the money required to cover its $2.1 billion offer without the loan.

However, EA still borrowed the $1 billion sum from Morgan Stanley Senior Funding, Inc, Morgan Stanley Bank, BNP Paribas, BNP Paribas Securities Corp., The Bank of Nova Scotia and KeyBank National Association.

The money is available for the firm to use towards to Take Two bid until January 9th next year. EA will be required to pay back the loan with interest.

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