GameStop (GME) Announces Voluntary Termination of Credit Facility

As previously disclosed, on November 3, 2021, GameStop (NYSE: GME) entered into a Credit Agreement by and among the Company, certain subsidiaries of the Company, the other borrowers and guarantors from time to time party thereto, the lenders and issuers from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent and Australian Security Trustee, Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Regions Bank, and Fifth Third Bank, National Association, as Co-Syndication Agents, Wells Fargo Bank, National Association, BofA Securities Inc., JPMorgan Chase Bank, N.A., Regions Bank, and Fifth Third Bank, National Association, as Joint Lead Arrangers and Joint Bookrunners (as amended, the “Credit Agreement”). The Credit Agreement currently provides for an asset-based secured revolving credit facility with a borrowing capacity of $250 million and a maturity date of November 3, 2026, and included a $50 million swing loan revolving sub-facility, a $50 million Canadian revolving sub-facility, and a $250 million letter of credit sublimit (the “Credit Facility”). Pursuant to the Credit Agreement, the Company was required to pay a commitment fee of 0.25% for any unused portion of the total commitment.
On August 27, 2024, the Company issued an irrevocable notice of termination pursuant to the Credit Agreement to voluntarily terminate the Credit Facility, including all commitments and obligations under the Credit Agreement. The termination is effective as of August 27, 2024. After giving effect to the termination, the Company’s principal sources of liquidity will be cash from operations and cash on hand.

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