By Daniel Webster, dWeb.News
DALLAS, July 21st, 2021 /PRNewswire/ – MoneyGram International, Inc. (NASDAQ : MGI) (“MoneyGram”) today announced that it had closed its previously announced private sale of $415 million in aggregate principal amount of 5.375% senior secure notes due 2026 (the “notes”) and the related guarantees (as described below). The Company also closed a new $400m senior secured term loan and has a $32.5 million undrawn revolving credit facility. Both transactions were made pursuant to a “New Credit Agreement” dated July 21, 2021. This agreement was between the Company as borrower, the lenders from other times, and Bank of America N.A. as the administrative agent.
The net proceeds of the offering and the close of the term loan were used by the Company to prepay the entire amount of first and second lien indebtedness from its existing senior secured credit facility and to pay accrued interest, fees, and expenses.
The notes are unconditionally guaranteed jointly and severally on a senior secured base (collectively, “guarantees”), initially by the Company and its subsidiaries that guarantee borrowings under New Credit Agreement and by certain future wholly-owned domestic subsidiaries (the ‘guarantors’). The notes are secured on an equal and ratable basis, first priority, with obligations under New Credit Agreement by liens upon substantially all of Company’s assets and the guarantors. However, there are certain exceptions and intercreditor agreements.
The notes and the related guarantees were only offered to qualified institutional buyers, in accordance to Rule 144A of the Securities Act of 1933, as modified (the “Securities Act”), outside the United States to certain non U.S. persons in compliance to Regulation S under Section 2 of the Securities Act. The Securities Act, or any other securities laws, has not registered the issuance or sale of the notes or related guarantees. Notes and related guarantees cannot be offered or sold in the United States without registration or exemption from the registration requirements.
This press release does not constitute an offer or solicitation to buy the notes or related guarantees. The notes and the related guarantees were offered only through a private offer memorandum and are not being offered to anyone in any jurisdiction where such an offer, sale, or solicitation would be illegal.
About MoneyGram International, Inc.
MoneyGram is a leader in the evolution of digital P2P payment. MoneyGram has served nearly 150 million people worldwide over the past five years, thanks to its purpose-driven strategy to move money, strong fintech innovation culture, and customer-centric capabilities.
The Company leverages its mobile-friendly, API-driven platform and partners with leading brands around the world to serve consumers through MoneyGram Online, its direct-to consumer digital business and MoneyGram as a service, its emerging embedded finance business for enterprise clients.
For more information, visit ir.moneygram.com or follow @MoneyGram.
Forward-looking statements in this communication are protected by the Private Securities Litigation Reform Act of 95. These statements are not historical facts but reflect the Company’s current beliefs, expectations, and intentions regarding future events. They speak only as of their date of publication. These forward-looking statements can be identified by words such as “may”, “might,”” “could,”,”should,”,”would,”,”would,”,”expect,”,”would,”,”would,”,”would,”,”should,”,”would,”,”would,”,”would,”,”would,”,”should,”,”would,”,”would,”,”would,”,”would,”,”would,”,”expect,”,”project,”intend,”,”anticipate,”believe,”,”estimate,”,”predict,”,”potential,”,” or similar expressions Forward-looking statements are statements that are not historical statements and are subject to the federal securities laws. Forward-looking statements involve risks and uncertainties that are difficult for the Company to predict. These uncertainties could cause actual results not to be the same as those expressed or implied by the statements.
The Company’s filings with Securities and Exchange Commission (the “SEC”) contain additional information about factors that could cause actual results not to be materially different from those stated in forward-looking statements. You can obtain the Company’s SEC filings by contacting them, via the Company’s website at ir.moneygram.com, or through the SEC Electronic Data Gathering and Analysis Retrieval System (www.sec.gov). The Company does not undertake any obligation to publicly revise or update any forward-looking statements.
Media ContactStephen Reiff [email protected]
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