GameStop Corp. has announced the pricing of its upsized private offering of $2.25 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032. The offering is targeted at qualified institutional buyers under Rule 144A of the Securities Act. An option for an additional $450 million aggregate principal amount of notes has been granted to the initial purchaser. The sale is expected to close on June 17, 2025. Proceeds will be used for general corporate purposes, including potential acquisitions and investments in line with GameStop’s Investment Policy. The notes will mature on June 15, 2032, unless earlier converted, redeemed, or repurchased. Holders can convert their notes under specified conditions before March 15, 2032, and at any time thereafter until the maturity date. Upon conversion, GameStop may pay or deliver cash, shares of its Class A common stock, or a combination of both. The initial conversion rate is 34.5872 shares of Class A common stock per $1,000 principal amount of notes. The conversion rate is subject to adjustment in certain events.
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