GameStop Announces $1.3 Billion Convertible Senior Notes Offering

GameStop Announces Pricing of Private Offering of $1.3 Billion of Convertible Senior Notes

GRAPEVINE, Texas, March 27, 2023 - GameStop Corp. (NYSE: GME), a global retailer of video game products, today announced the pricing of its private offering of $1.3 billion aggregate principal amount of convertible senior notes due 2028 (the "Notes").

The Notes will bear interest at a rate of 4.25% per annum and will mature on March 15, 2028. The Notes will be convertible into shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), at an initial conversion price of $12.50 per share. The Notes will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The Company expects to receive approximately $1.25 billion of net proceeds from the offering, after deducting fees and expenses, which it intends to use to (i) redeem a portion of its outstanding 6.375% Senior Notes due 2025, (ii) repay a portion of its outstanding term loan, and (iii) use for general corporate purposes.

The offering is expected to close on April 3, 2023, subject to the satisfaction of certain closing conditions.

J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are acting as joint bookrunners for the offering. BofA Securities, Inc. and Wells Fargo Securities, LLC are acting as joint lead managers for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About GameStop

GameStop Corp., a Fortune 500 company, is a global retailer of video game products and services. The Company is a leading specialty retailer of video games and gaming-related products, with a strong focus on customer service, competitive pricing, and a comprehensive selection of games and products. GameStop is headquartered in Grapevine, Texas, and operates over 6,000 stores across 14 countries.

Contact: Lainie Horton GameStop Corp. (972) 584-4318 lainie.horton@gamestop.com