GameStop Announces Voluntary Early Redemption of Senior Notes
April 13 2021 - 4:05PM
GameStop Corp. (NYSE: GME), today issued an
irrevocable notice of redemption to redeem $216.4 million in
principal amount of its 10.0% Senior Notes due 2023 (the “Notes”)
on April 30, 2021. This voluntary early redemption covers the
entire amount of the outstanding Notes.
Notes will be redeemed by the Company using cash
on hand, at a redemption price of 100% of their principal amount,
plus accrued and unpaid interest up to, but excluding, the
redemption date of April 30, 2021, plus the applicable premium due
to holders of the Notes in connection with an early redemption.
Notes are to be surrendered to U.S. Bank
National Association (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.
About GameStop.GameStop, a Fortune 500 company
headquartered in Grapevine, Texas, is a leading specialty retailer
offering games and entertainment products through its E-Commerce
properties and thousands of stores. Visit www.GameStop.com to
explore our products and offerings. Follow @GameStop and
@GameStopCorp on Twitter and find us on Facebook at
www.facebook.com/GameStop.
Cautionary Statement Regarding
Forward-Looking Statements - Safe HarborThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are based upon management’s current beliefs, views, estimates and
expectations, including as to the Company’s industry, business
strategy, goals and expectations concerning its market position,
strategic and transformation initiatives, future operations,
margins, profitability, comparable store growth, capital
expenditures, liquidity, capital resources, expansion of technology
expertise, and other financial and operating information, including
expectations as to future operating profit improvement. Such
statements include without limitation those about the Company’s
expectations for fiscal 2021, future financial and operating
results, projections and other statements that are not historical
facts. Forward-looking statements are subject to significant risks
and uncertainties and actual developments, business decisions,
outcomes and results may differ materially from those reflected or
described in the forward-looking statements. The following factors,
among others, could cause actual developments, business decisions,
outcomes and results to differ materially from those reflected or
described in the forward-looking statements: macroeconomic
pressures, including the effects of the COVID-19 pandemic on
consumer spending and the Company’s ability to keep stores open;
the impact of the COVID-19 pandemic on the Company’s business and
financial results; the economic conditions in the U.S. and certain
international markets; the amounts devoted to strategic
investments, including in E-Commerce capabilities and other
business transformation initiatives, and failure to achieve
anticipated profitability increases and benefits from such
initiatives within the expected time-frames or at all; the
cyclicality of the video game industry; the Company’s dependence on
the timely delivery of new and innovative products from its
vendors; the impact of technological advances in the video game
industry and related changes in consumer behavior on the Company’s
sales; the Company’s ability to keep pace with changing industry
technology and consumer preferences; decrease in popularity of
certain types of video games; the Company’s ability to react to
trends in pop culture with regard to its sales of collectibles and
dependence on licensed products for a substantial portion of such
sales; the competitive nature of the Company’s industry, including
competition from mass retailers, E-Commerce businesses, and
traditional store-based retailers; the ability and willingness of
the Company’s vendors to provide marketing and merchandise support
at historical or anticipated levels; the Company’s ability to
attract and retain executive officers, including a new chief
financial officer, and other key personnel; the Company’s ability
to obtain favorable terms from its current and future suppliers and
vendors, including those engaged as part of the Company’s shift to
E-Commerce sales; the international nature of the Company’s
business; foreign currency fluctuations; changes in the Company’s
global tax rate; the impact of international crises and trade
restrictions and tariffs on the delivery of the Company’s products;
the Company’s dependence on sales during the holiday selling
season; fluctuations in the Company’s results of operations from
quarter to quarter; the Company’s ability to de-densify its global
store base; the Company’s ability to renew, terminate or enter into
new leases on favorable terms; the adequacy of the Company’s
management information systems; the Company’s reliance on
centralized facilities for refurbishment of its pre-owned products;
the Company’s ability to maintain security of its customer,
employee or company information; potential harm to the Company’s
reputation, including from cybersecurity breaches; the Company’s
ability to maintain effective control over financial reporting;
restrictions on the Company’s ability to purchase and sell
pre-owned video games; potential future litigation and other legal
proceedings; changes in accounting rules and regulations; and the
Company’s ability to comply with federal, state, local and
international law. Additional factors that could cause results to
differ materially from those reflected or described in the
forward-looking statements can be found in GameStop’s Annual Report
on Form 10-K for the fiscal year ended January 30, 2021 and other
filings made from time to time with the SEC and available at the
SEC’s Internet site at http://www.sec.gov or
http://investor.GameStop.com. Forward-looking statements contained
in this press release speak only as of the date of this press
release. The Company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws.
ContactGameStop Corp. Investor
Relations(817) 424-2001investorrelations@gamestop.com
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