Electronic Arts Inc. Enters into Unsecured Committed $500 Million Revolving Credit Facility
Mar 20 15
On March 19, 2015, Electronic Arts Inc. entered into an unsecured committed $500 million revolving credit facility pursuant to a Credit Agreement, by and among the company, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. The Revolving Credit Facility replaces the company's existing unsecured committed $500 million revolving credit facility, which was due to expire on February 29, 2016. No amounts were ever drawn under the Prior Credit Facility. The Revolving Credit Facility terminates on March 19, 2020. The Credit Agreement also contains an increase option permitting the company, subject to certain requirements, to arrange with existing lenders and/or new lenders for them to provide up to an aggregate of $250 million in additional commitments for revolving loans. Proceeds of loans made under the Credit Agreement may be used for general corporate purposes. No loans were made under the Credit Agreement at closing. The Company's obligations under the Credit Agreement will be guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the Credit Agreement. As of the closing date, there were no guarantors. The loans bear interest, at the Company's option, at the base rate plus an applicable spread or an adjusted LIBOR rate plus an applicable spread, in each case with such spread being determined based on the Company's consolidated leverage ratio for the preceding fiscal quarter. The Company is also obligated to pay other customary fees for a credit facility of this size and type. Interest is due and payable in arrears quarterly for loans bearing interest at the base rate and at the end of an interest period (or at each three month interval in the case of loans with interest periods greater than three months) in the case of loans bearing interest at the adjusted LIBOR rate. Principal, together with all accrued and unpaid interest, is due and payable on the Maturity Date. The Company may prepay the loans and terminate the commitments, in whole or in part, at any time without premium or penalty, subject to certain conditions. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, incur subsidiary indebtedness, grant liens, dispose of all or substantially all assets, make investments and pay dividends or make distributions, in each case subject to customary exceptions for a credit facility of this size and type. The Company is also required to maintain compliance with a capitalization ratio and maintain a minimum level of total liquidity. The Credit Agreement contains customary events of default, including, among others, non-payment defaults, covenant defaults, cross-defaults to material indebtedness, bankruptcy and insolvency defaults, material judgment defaults and a change of control default, in each case subject to customary exceptions for a credit facility of this size and type. The occurrence of an event of default could result in the acceleration of the obligations under the Credit Agreement, an obligation by any guarantors to repay the obligations in full and an increase in the applicable interest rate. J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are acting as joint bookrunners and joint lead arrangers for the Revolving Credit Facility.
Electronic Arts Inc. Announces Star Wars Battlefront to Debut in April
Mar 20 15
Electronic Arts Inc. has confirmed that ‘Star Wars Battlefront’ will debut at next month's Star Wars Celebration. The event will take place n Anaheim, California from April 16-19. Star Wars Battlefront will be available on Xbox One, PlayStation 4 and PC. Star Wars: Battlefront is the third main entry in the Star Wars: Battlefront series. In May 2013, Electronic Arts obtained exclusive rights to develop Star Wars games for gaming consoles, and its subsidiaries DICE, Visceral Games, and BioWare started work on Star Wars games.
Visceral Games Announces Availability of Battlefield Hardline
Mar 17 15
Visceral Games announced that Battlefield Hardline is now available in North America in retail stores and for digital download on Origin for PC, the PlayStation computer entertainment system, and Xbox One, the all-in-one games and entertainment system from Microsoft. Battlefield Hardline delivers the ultimate cops and criminals, blockbuster, action fantasy delivered through a world-class multiplayer experience that fans have come to love from the Battlefield franchise and an all-new episodic single player campaign inspired by modern TV crime dramas. Powered by the award-winning Frostbite 3 game engine, Battlefield Hardline delivers a stylish and fresh new approach to the critically-acclaimed franchise as players experience both sides of the law in a crime-fueled, cops and criminals showdown. Unfolding on the gritty and glamorous streets of Los Angeles and Miami, Battlefield Hardline ushers in an all-new era for Battlefield fans with inspired new game modes, like Hotwire and Heist, new weaponry, vehicles, and gadgets for players to take down the opposition their own way. From police choppers to muscle cars, ziplines to stun guns, Battlefield Hardline lets gamers choose their approach in jaw-dropping and chaotic urban warfare.