EA Secures $1B Additional Funding News
Chris Leyton
11/05/2008
Redwood giant unleashed Project Braveheart to push the Take-Two acquisition forwards...
Filings with the SEC revealed late last week that EA has secured an additional $1billion of funding from Morgan Stanley Senior Funding, Inc., Morgan Stanley Bank, BNP Paribas, BNP Paribas Securities Corp., The Bank of Nova Scotia and KeyBank National Association.
Within its initial March 13th offer, EA had proposed to fund the $2.1 billion acquisition of Take Two entirely from its cash reserves of $2.3 billion.
Although mentioned in the original offer documents the decision to opt for additional debt financing (dubbed Project Braveheart) suggests that EA could be considering a new offer with the extra investment potentially paving the way for a higher bid.