Oak-Eagle Starts Tender Offers on Electronic Arts’s 1.85% 2031 and 2.95% 2051 Notes
Oak-Eagle AcquireCo launched cash tender offers for all of Electronic Arts’s 1.850% Senior Notes due 2031 and 2.950% Senior Notes due 2051, offering yield-to-maturity pricing plus a fixed spread. The offers include consent solicitations to amend the indenture by removing covenants and default events.
1. Tender Offer Overview
Oak-Eagle AcquireCo, Inc. commenced offers to purchase any and all of Electronic Arts’s 1.850% Senior Notes due 2031 and 2.950% Senior Notes due 2051 for cash. Holders who validly tender by the early deadline receive an additional early tender payment alongside the base consideration.
2. Consent Solicitation Details
In conjunction with the tender offers, Oak-Eagle is soliciting consents to proposed indenture amendments that eliminate specified restrictive covenants, default events and other provisions. Acceptance of these consents requires tendering notes and delivery of consents on or before the early tender deadline.
3. Acquisition Connection
The tender offers and consents are tied to the planned acquisition of Electronic Arts by Oak-Eagle MergerCo under the September 28, 2025 merger agreement. The Offeror and Merger Sub are sponsored by the Public Investment Fund, Silver Lake and Affinity Partners.
4. Offer Timeline and Pricing
The early tender and consent deadline is February 24, 2026 at 5:00 P.M. New York City time, with the offers expiring March 11, 2026. Consideration per $1,000 principal is set to yield matching reference securities plus a fixed spread, minus accrued interest.