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GameStop gets new $500 million asset-based credit facility -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A GameStop shop is seen in Jackson Heights, New York City. U.S.A., January 27, 2021. REUTERS/Nick Zieminski

(Reuters] GameStop Corp has announced that it reached an agreement to a syndicate bank for a global $500 million asset-based credit facility. The move will improve GameStop Corp’s liquidity. It comes as the retailer of videogames invests heavily in its shift towards ecommerce.

GameStop (NYSE 🙂 has replaced its existing credit agreement, $420 million. It was due November 20,22.

Wells Fargo Bank (NYSE:) acted as lead arbiter of the facility. The administrative agent will be Bank.

GameStop raised $551m in April and raised $1 billion through a June share offering. This was in response to a surge in stock prices in 2021 due to social media.

In an effort to move the company from brick-and mortar towards ecommerce, Chairman Ryan Cohen hired employees from Amazon.com Inc (NASDAQ) as part of a company revamp.

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