GameStop plans to price $250 million five-year notes Sept. 15 week

By Paul A. Harris

Portland, Ore., Sept. 16 – GameStop Corp. is in the market with a $250 million offering of five-year senior notes (Ba1/BB+), sources say.

The Rule 144A and Regulation S for life deal is set to price Friday.

BofA Merrill Lynch and J.P. Morgan Securities LLC are the joint bookrunners.

The notes become callable after two years at par plus 75% of the coupon and feature a three-year 35% equity clawback.

The Grapevine, Texas-based electronic game retailer plans to use the proceeds to pay down its asset-based credit facility and for general corporate purposes, which may include acquisitions, dividends and stock buybacks.

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