GameStop Shares Rise After $1.4 Billion Debt Exchange
GameStop shares rose after the video-game retailer revised the terms of a convertible-note exchange that will eliminate about $1.4 billion of long-term debt while using relatively little of the company’s cash. Under the amended agreement, noteholders will receive roughly 55.5 million shares of GameStop Class A common stock and about $358.4 million in cash. The original terms called for the exchange to be settled entirely in stock. The revised structure reduces GameStop’s debt burden but will also increase the number […]