GameStop Announces $1.75 Billion Convertible Senior Note Offering
GameStop (GME) announced a $1.75 billion convertible senior note offering aimed at funding investments, including adding bitcoin as a treasury reserve asset. Key details include:
- Proceeds will partially support the company's investment policy.
- The offering is for qualified institutional buyers with an option to purchase an additional $250 million in notes.
- The notes have no regular interest and mature in June 2032, unless converted or repurchased earlier.
- In March, GameStop raised $1.3 billion through a previous convertible note offering and purchased 4,710 bitcoin for approximately $500 million.
- GME shares dropped by 10% in after-hours trading.