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GameStop gives early results, extends early date in 6¾% note exchange
By Rebecca Melvin
New York, June 18 – GameStop Corp. said $208,773,000 principal amount of its 6¾% senior notes due 2021 (Cusips: 36467WAB5, U36328AB5) was tendered in its exchange offer by the early tender deadline on June 17.
The amount represented 50.36% of the outstanding $414.6 million of notes, according to a news release.
Also on Thursday, the company extended the early tender deadline by which holders are eligible for a $50 premium of new notes per $1,000 principal amount to 11:59 p.m. ET on July 1, which is also the expiration date for the exchange offer.
Holders who tendered their notes were deemed to have delivered their consents in the related consent solicitation. As a result of the receipt of the necessary consents, the company entered into a supplemental indenture that will be implemented upon the settlement date of the exchange. The proposed amendments eliminate substantially all of the restrictive covenants, some affirmative covenants and some events of default from the indenture.
The company is exchanging the old notes for newly issued 10% senior secured notes due March 15, 2023.
The offer was announced on June 4.
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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