GameStop Terminates Material Definitive Agreement
Ticker: GME-WT · Form: 8-K · Filed: Aug 28, 2024 · CIK: 1326380
| Field | Detail |
|---|---|
| Company | Gamestop CORP. (GME-WT) |
| Form Type | 8-K |
| Filed Date | Aug 28, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $250 million, $50 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, material-event
Related Tickers: GME
TL;DR
GME terminated a big deal, details TBD.
AI Summary
GameStop Corp. announced on August 27, 2024, the termination of a material definitive agreement. The filing does not specify the counterparty or the nature of the agreement, but it is classified under Item Information: Termination of a Material Definitive Agreement.
Why It Matters
The termination of a material definitive agreement can signal a shift in business strategy or a breakdown in a significant partnership, potentially impacting future operations and financial performance.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement can introduce uncertainty regarding future business relationships and financial commitments.
Key Players & Entities
- GameStop Corp. (company) — Registrant
- August 27, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of Incorporation
- 625 Westport Parkway, Grapevine, TX 76051 (address) — Principal Executive Offices
FAQ
What specific material definitive agreement was terminated by GameStop Corp.?
The filing does not specify the exact agreement that was terminated.
Who was the counterparty to the terminated agreement?
The filing does not disclose the identity of the other party involved in the agreement.
What is the effective date of the termination?
The earliest event reported is August 27, 2024, which is the date of the report.
What are the potential financial implications of this termination for GameStop?
The filing does not provide details on the financial implications of the termination.
Does this termination relate to any specific business segment or partnership of GameStop?
The filing does not offer specifics regarding which business segment or partnership is affected by the termination.
Filing Stats: 606 words · 2 min read · ~2 pages · Grade level 13.6 · Accepted 2024-08-28 16:26:17
Key Financial Figures
- $250 million — t facility with a borrowing capacity of $250 million and a maturity date of November 3, 2026
- $50 million — ate of November 3, 2026, and included a $50 million swing loan revolving sub-facility, a $5
Filing Documents
- gme-20240827.htm (8-K) — 25KB
- 0001326380-24-000100.txt ( ) — 192KB
- gme-20240827.xsd (EX-101.SCH) — 3KB
- gme-20240827_def.xml (EX-101.DEF) — 18KB
- gme-20240827_lab.xml (EX-101.LAB) — 31KB
- gme-20240827_pre.xml (EX-101.PRE) — 18KB
- gme-20240827_htm.xml (XML) — 3KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. As previously disclosed, on November 3, 2021, GameStop Corp. (the "Company") 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. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GAMESTOP CORP. (Registrant)