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GameStop offers to exchange 6¾% notes due 2021 for 10% notes due 2023
By Wendy Van Sickle
Columbus, Ohio, June 4 – GameStop Corp. is offering to exchange any and all of its outstanding $414.6 million of 6¾% senior notes due 2021 (Cusips: 36467WAB5, U36328AB5) for newly issued 10% senior secured notes due March 15, 2023, according to a news release.
GameStop is offering $1,000 of new notes per $1,000 of existing notes tendered for exchange by the early deadline, 5 p.m. ET on June 17. This amount includes a premium of $50 of new notes per $1,000 principal amount that will not be paid to holders who tender their notes after the early deadline.
The issuer will pay accrued interest in cash.
The company said the new notes are being offered to provide it additional financial flexibility by replacing and extending the maturity of its debt.
The new notes will be guaranteed on the same basis as the existing notes.
In conjunction with the exchange offer, GameStop is soliciting consents to eliminate substantially all of the restrictive covenants, some affirmative covenants and some events of default from the indenture governing the existing notes. The exchange offer is conditioned upon the consummation of the consent solicitation and some other conditions.
Holders who tender their notes in the exchange offer must also, and will be deemed to, deliver their consents in the consent solicitation.
The exchange offer and consent solicitation will expire at 11:59 p.m. ET on July 1.
Tenders may be withdrawn at any time until the earlier of 5 p.m. ET on June 17 and the receipt of consents in the consent solicitation from holders of at least a majority in principal amount of existing notes outstanding.
D.F. King & Co., Inc. (866-829-0135 or gamestop@dfking.com) is the exchange and information agent.
The electronic game retailer is based in Grapevine, Tex.
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