GameStop Gets New $500 Million Asset-Based Credit Facility

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A GameStop store   is seen successful  the Jackson Heights vicinity  of New York City, connected  Jan. 27, 2021. (Nick Zieminski/Reuters)

A GameStop store is seen successful the Jackson Heights vicinity of New York City, connected Jan. 27, 2021. (Nick Zieminski/Reuters)

GameStop Corp. said connected Thursday it entered into an statement with a syndicate of banks for a caller $500 cardinal planetary asset-based credit installation to amended its liquidity.

The five-year recognition statement replaces GameStop’s existing 1 of $420 million, which was owed successful November 2022, the institution said, adding that the installation would trim borrowing costs and let much flexibility.

Wells Fargo Bank served arsenic the pb arranger of the installation and volition service arsenic the administrative agent.

GameStop, which raised $551 cardinal successful precocious April, raised much than $1 cardinal successful a stock offering successful June, cashing successful connected a social-media driven surge successful its banal terms successful the opening of 2021.

The institution is undergoing a revamp arsenic Chairman Ryan Cohen has hired executives from companies including Amazon.com Inc. successful a propulsion to pivot the institution distant from brick-and-mortar towards e-commerce.

Reuters

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