By Katherine Hamilton
GameStop plans to privately offer $1.3 billion in convertible senior notes.
The notes which will not pay regular interest, are mature in 2030 and will be general unsecured obligation of GameStop, the games and entertainment company said Wednesday.
The company expects to use the net proceeds from the offering for general corporate purposes, including buying bitcoin, it said. GameStop said Tuesday its board has approved investments in bitcoin as a treasury reserve asset.
Upon conversion, GameStop said it will pay or deliver cash, shares of its common stock or both. The conversion rate will be determined at the time of pricing of the offering.
GameStop plans to give initial investors an option to purchase an additional $200 million aggregate principal amount of notes.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 26, 2025 16:33 ET (20:33 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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