EA Bondholders Fight Debt Buyback as S&P Casts Ratings Doubt

Some of Electronic Arts Inc. bondholders are banding together to fight a debt buyback plan by the video-game maker, even as S&P Global Ratings cast doubt that the maneuver would ultimately save money for the group taking the company private.

The bondholders have formed a cooperation agreement, according to people familiar with the matter. Holders of more than 75% of the 2031 notes and about 90% of the 2051 securities affected by the tender offer have signed the pact, said the people, who asked not to be identified discussing private information.