Inside ‘Project Eagle,’ JPMorgan’s high-wire act to fund EA deal

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0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',a=n._store.getNotifications(),r=n._generatePanelMarkup(o,a),i.innerHTML=r;break;case"error_panel":r=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=r}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(P))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),j=function(){function e(t,n,o){E(this,e);var i=this;i._store=n,i._view=o,i._config=t;var r=i._config.panel;i._panelParentNode=document.querySelector(r.parentSelector),i._badgeNode=i._config.badge.selector&&document.querySelector(i._config.badge.selector),i._indicatorNode=r.indicatorSelector&&document.querySelector(r.indicatorSelector)}return C(e,[{key:"createPanelParentNode",value:function(){this._view.createPanelParentNode(this._panelParentNode),this._notifPanelNode=document.getElementById(P)}},{key:"refreshPanelNode",value:function(e,t){var n=this;M(n._notifPanelNode,B),n._store.fetchNotifications(e,(function(e,o){var i=window.wafer&&window.wafer.base;i&&i.destroy(n._notifPanelNode),e?n._notifPanelNode.innerHTML||(n._view.render("error_panel"),M(n._notifPanelNode,B)):(n._view.render("expanded_panel"),n._view.updateBadgeNode(n._badgeNode),n._showBadge(),n._showIndicator(),n._view.addStyles(o.css)),I(n._notifPanelNode,B),i&&i.sync(n._notifPanelNode.parentNode),t&&t(e,o)}))}},{key:"resetBadge",value:function(){var e=this;e._store.resetNewCount(),e._view.updateBadgeNode(e._badgeNode),M(e._badgeNode,e._config.badge.hideClass)}},{key:"_showIndicator",value:function(){this._indicatorNode&&(this._store.getNotifications().newCount?M(this._indicatorNode,this._config.panel.indicatorClass):I(this._indicatorNode,this._config.panel.indicatorClass))}},{key:"_showBadge",value:function(){var e=this;e._store.getNotifications().newCount?I(e._badgeNode,e._config.badge.hideClass):M(e._badgeNode,e._config.badge.hideClass)}}]),e}(),F={promos:{eligibleBodyClass:"display-push-promos",enableNotifOnboard:!0,bypassEligibleClassCheck:!1,notifOnboardBtnLabel:"Notify Me",notifOnboardMsg:"Get alerts for breaking news and top stories",promoLogo:"https://s.yimg.com/cv/apiv2/ae/news/circle_bell.png",showYahooLogo:!0,subscriptionTopic:"gondor_homerun_news"},badge:{hideClass:"",maxCount:5,selector:""},panel:{emptyPanelMsg:"You have no new 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(JPM), the final piece of Project Eagle was a go.For weeks, JPMorgan bankers had anxiously watched events in the Middle East as they worked to sell the financing for the biggest leveraged buyout ever, the $55-billion private equity takeover of video-game giant Electronic Arts Inc. (EA) And by Sunday, March 22, there was still the possibility that the US would target energy infrastructure in Iran and send markets into a tailspin.So a collective sigh went up the next morning when President Donald Trump abruptly announced on social media that he would postpone any strike for five days. Word went out inside the bank: go — now.The stakes for the Wall Street lender – and the big investors it was lining up — were high. The volatility in the markets, coupled with souring sentiment over software borrowers, had complicated the timing of the deal, according to people with knowledge of the matter. The concern was that failure to sell all of the loans and bonds might stall not only the EA deal but the rest of the $100 billion in M&A debt financing Wall Street is working on this year.How JPMorgan pulled off the deal, code-named Project Eagle, is part of a broader story of how Wall Street has navigated this war. While the markets gyrate, bankers have had to parse every Truth Social post or statement on Air Force One to spot openings for multibillion-dollar deals, and then move as quickly as possible.At JPMorgan, Trump’s post on March 23 provided the final push to go ahead with plans to offload $6.4 billion in bonds and wrap up a $8.125 billion leveraged loan sale that started a week earlier, said the people with knowledge of the matter, asking not to be identified discussing private deliberations.JPMorgan, which initially lent $20 billion to support EA’s acquisition by Saudi Arabia’s Public Investment Fund, Silver Lake and Jared Kushner’s Affinity Partners, went into the deal feeling upbeat. From Jamie Dimon down, bankers were impressed by EA’s ebullient Australian chief executive, Andrew Wilson, the people said.At the bank’s conference in Miami Beach this month, Wilson and EA’s chief financial officer Stuart Canfield began making the rounds with investors who peppered the company with questions about artificial intelligence.The objective: lock down at least $500 million from each of 10 big accounts like State Street Corp. and Invesco Ltd.The EA executives fielded questions about AI vulnerability — a worry that has pummeled software company valuations this year. Would-be buyers of the debt wanted to know how EA was different, and the pair explained that AI was conjuring projects that could actually accelerate the video game maker’s growth, people familiar with the discussions said. Coding video games with AI assistance is a boon for a company that spends hundreds of millions on research and development for games.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoTrending tickersBTC-USD Bitcoin USD 66,879.48 +1,055.00 (+1.60%)ETH-USD Ethereum USD 2,022.30 +40.57 (+2.05%)XRP-USD XRP USD 1.34 +0.02 (+1.55%)BTC-CAD Bitcoin CAD 92,965.84 +1,466.50 (+1.60%)SOL-USD Solana USD 83.36 +0.81 (+0.98%)PortfolioSign in to access your portfolioSign inTop gainersAGX Argan, Inc. 566.62 +155.77 (+37.91%)U Unity Software Inc. 19.45 +2.32 (+13.54%)ADV Advantage Solutions Inc. 25.57 +2.99 (+13.27%)ADMA ADMA Biologics, Inc. 9.25 +0.96 (+11.58%)MEOH Methanex Corporation 65.22 +5.76 (+9.69%)Top losersFLY Firefly Aerospace Inc. 23.71 -3.11 (-11.58%)YOU Clear Secure, Inc. 47.44 -5.96 (-11.16%)ASTS AST SpaceMobile, Inc. 78.67 -9.19 (-10.46%)HNGE Hinge Health, Inc. 36.25 -3.93 (-9.78%)ZETA Zeta Global Holdings Corp. 14.55 -1.53 (-9.51%)Most activeNVDA NVIDIA Corporation 167.52 -3.72 (-2.17%)GRAB Grab Holdings Limited 3.5700 -0.1400 (-3.77%)TSLA Tesla, Inc. 361.83 -10.28 (-2.76%)INTC Intel Corporation 43.13 -0.97 (-2.20%)NU Nu Holdings Ltd. 13.60 -0.42 (-3.00%)Top economic eventsEarnings eventsMy earnings eventsEarnings events