GameStop falls on $1.4 billion debt-for-stock exchange
03/08/2026 15:52
BUZZ-GameStop falls on $1.4 billion debt-for-stock exchange Updates
** Video game retailer GameStop's GME.N shares fall 11.2% to $19.29
** Company says it will exchange about $1.4 bln of convertible notes for Class A common shares in privately negotiated deals with existing noteholders
** Exchange includes about $400 mln of notes due in 2030 and $1 bln of notes due in 2032 - GME
** GameStop says the deal will eliminate about $1.4 bln of long-term debt without using cash, though GME will receive no cash proceeds
** The deal is expected to close around September 23; the number of shares will depend partly on GameStop's average volume-weighted price over 35 trading days from August 3
** Up to last close, the stock has risen ~8.2% in the last 12 months
(Reporting by Prathik Jayaprakash in Bengaluru)