GRAPEVINE, Texas, Nov. 10, 2020 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME), today announced that it will redeem $125 million in principal amount of its 6.75% Senior Notes due 2021 on December 11, 2020. This voluntary early redemption covers approximately 63% of the outstanding Notes.
Notes selected for redemption will be redeemed at a redemption price of 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date of December 11, 2020.
The selection of Notes for redemption will be made by U.S. Bank National Association, as trustee, on a pro rata basis, by lot or by other method the trustee considers fair and appropriate. Notes selected for redemption are to be surrendered to the trustee in exchange for the payment of the redemption price as more fully described in the notice of redemption sent to the registered holders of Notes selected for redemption.
Jim Bell, GameStop’s chief financial officer, said, “The voluntary early redemption of $125 million in senior notes is consistent with our strategy to take actions that strengthen and enhance our balance sheet, improve our debt profile and optimize our capital structure. Over the past 18 months, we have remained steadfast in our focus on creating a more efficient business model that, despite the impacts of a global pandemic, optimizes working capital, generates free cash flow and will benefit from future growth in video gaming and entertainment. Using cash generated from operations to reduce our outstanding debt is reflective of our success in transforming our business model and marks progress toward positioning GameStop for sustained long-term profitable growth.”
About GameStop
GameStop Corp., a Fortune 500 company headquartered in Grapevine, Texas, is the world’s largest video game retailer, operates over 5,000 stores across 10 countries, and offers the best selection of new and pre-owned video gaming consoles, accessories and video game titles, in both physical and digital formats. GameStop also offers fans a wide variety of POP! vinyl figures, collectibles, board games and more. Through GameStop’s unique buy-sell-trade program, gamers can trade in video game consoles, games, and accessories, as well as consumer electronics for cash or in-store credit. The company's consumer product network also includes www.gamestop.com and Game Informer® magazine, the world's leading print and digital video game publication.
General information about GameStop Corp. can be obtained at the Company’s corporate website. Follow @GameStop and @GameStopCorp on Twitter and find GameStop on Facebook at www.facebook.com/GameStop
