Funding available to EA at any time until January 9, 2009.
Electronic Arts has taken a further step in its efforts to secure the acquisition of Take-Two, having executed a commitment letter for up to $1 billion in debt financing.
The funding organisations (Morgan Stanley Senior Funding, Inc., Morgan Stanley Bank, BNP Paribas, BNP Paribas Securities Corp., The Bank of Nova Scotia and KeyBank National Association) will be able to provide Electronic Arts with up to $1 billion of financing if the publisher needs it at any time until January 9, 2009.
Previous indications from Take-Two were that EA's offer, valued at around $2.1 billion, was too low. Since then GTA 4 has launched with record figures. However, no change to EA's offer, which is set to expire on May 16, has been made.
