Treasury
3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp
US Treasury par yield curve · Aug 4 · Source: U.S. Treasury
Tuesday, August 4, 2026
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EA

Electronic Arts has closed its $55bn sale at $210 a share, and about 95 percent of the bonds the buyer offered to purchase were never tendered

Money & World
The Editorial Team ·
Two low rise office buildings faced in glass and pale panels, seen across an almost empty car park behind a line of young trees, under a heavy overcast sky. No sign, lettering or brand mark is legible.
Photo: BrokenSphere / Wikimedia Commons (CC BY-SA 3.0)

Electronic Arts is no longer a public company.

The buyout was agreed on 28 September 2025. It closed on Tuesday. Oak-Eagle MergerCo, Inc. merged into Electronic Arts, which survives as a wholly owned subsidiary of Oak-Eagle AcquireCo, Inc., and every share not held by the buyer or by a stockholder who properly demanded appraisal was converted into the right to receive $210 in cash. The filing puts the total consideration at approximately $55 billion.

Both of those entities were formed by a consortium of The Public Investment Fund, private investment funds affiliated with Silver Lake Group, L.L.C., and private investment funds affiliated with Affinity Partners. Seven directors resigned at the effective time: Kofi Bruce, Rachel A. Gonzalez, Jeffrey T. Huber, Talbott Roche, Richard A. Simonson, Luis Ubiñas and Heidi Ueberroth.

The bonds nobody sold

The buyer had been trying to clear the old debt since February. Tender offers for the company's 1.850 percent notes due 2031 and its 2.950 percent notes due 2051 expired at 5 p.m. New York City time on 30 July, and the amounts that came back were small. Of the 2031s, $68.830m was validly tendered and not withdrawn. Of the 2051s, $7.922m.

Add the tendered and the remaining figures for each series and both come to exactly $750m. So of $1.5bn on offer, $76.752m moved and $1,423.248m did not. Take-up was about 5 percent.

What was not bought was defeased. The buyer caused the company to deposit United States government obligations with the trustee in amounts sufficient to pay principal, premium and interest when due. The filing states that the company may then omit to comply with certain covenants, and that the related events of default are deemed not to be events of default.

What the new balance sheet costs

A credit agreement signed on the closing date with JPMorgan Chase Bank N.A. and J.P. Morgan SE as administrative agents provides a first lien term loan B of $6,125.0m and €1,725.0m, a first lien term loan A of $3,250.0m, both funded that day, and a revolving facility with commitments of $500.0m. The notes came earlier. On 8 April the buyer sold $2,875.0m of 7.250 percent senior secured notes due 2033, €1,080.0m of 6.250 percent senior secured notes due 2033 and $2,500.0m of 8.750 percent senior notes due 2034.

Those coupons run from 6.250 to 8.750 percent. The paper that stayed outstanding pays 1.850 and 2.950 percent.

The listing

Nasdaq was notified on Tuesday and asked to suspend trading before Wednesday's open and to file a Form 25. Trading was halted after the close on the closing date. The company intends to follow with a Form 15, ending its registration and suspending its reporting obligations.

The document: Electronic Arts Inc. Form 8-K, items 1.01 through 9.01, filed 4 August 2026, accession 0001140361-26-031157.

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