UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 18, 2001
-------------
ACCLAIM ENTERTAINMENT, INC.
---------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-16986 38-2698904
-------- ------- ----------
(State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification No.)
One Acclaim Plaza
Glen Cove, New York 11542-2709
------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (516) 656-5000
--------------
Page 1 of 3 pages
ITEM 5. OTHER EVENTS
On June 18, 2001, Acclaim Entertainment, Inc. (the "Company") closed the
retirement of certain of its 10% Convertible Subordinated Notes due 2002 (the
"Notes") representing an aggregate principal amount of $6,650,000 (plus
interest), in exchange for 2,021,882 shares of its common stock.
The excess of the fair value of the common stock issued over the principal
amount of the Notes and accrued interest amounting to approximately $0.1 million
will be recorded as a non-cash loss on early extinguishment of debt in the
fourth quarter of fiscal 2001. The convertible note retirement will reduce the
Company's interest expense for the balance of fiscal 2001 by approximately $0.3
million or $0.01 per fully diluted share.
As a result, the Company has reduced the outstanding principal balance of the
Notes to approximately $29,225,000.
Page 2 of 3 pages
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ACCLAIM ENTERTAINMENT, INC.
By: /s/
--------------------------------
Name: Gerard F. Agoglia
Title: Executive Vice President
and Chief Financial Officer
Date: July 3, 2001
Page 3 of 3 pages