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GameStop Shares Rise After $358M Cash Portion Limits Dilution

GameStop logoGameStop
Sig3.20Sen+4.10Env0.00Soc0.00Gov+0.70

GameStop shares rose 4% after amending exchange agreements tied to about $1.4 billion of 0% convertible senior notes due 2030 and 2032. Under revised terms, noteholders receive about 55.5 million shares (73% of consideration) and about $358.4 million in cash (27%), funded from cash on hand. After closing, about $2.8 billion of notes remain outstanding. Preliminary Q2 calls for net sales of $780 million to $800 million and net gains from eBay-related investments, with cash expected around $5.05 billion to $5.07 billion.

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