MoneyGram $415 million notes offering and $432.5 million credit agreement
We advised the initial purchasers in a Rule 144A / Regulation S offering of $415 million aggregate principal amount of 5.375% senior secured notes due 2026 by MoneyGram International, Inc (“MoneyGram”). We simultaneously advised the joint lead arrangers and joint bookrunners, in connection with a new $432.5 million senior secured credit facility for MoneyGram, which consists of a $400 million term loan facility and a $32.5 million revolving facility. The proceeds of the notes offering and the term loan facility were used to prepay the full amount of first lien and second lien indebtedness under MoneyGram’s existing senior secured credit facilities, and to pay related accrued interest, fees and expenses.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people across the world over the last five years.
The Davis Polk capital markets team included partner Shane Tintle and associates Aashim Usgaonkar, Alexander Kraik and Aaron Shubert. The finance team included partner James A. Florack, counsel Darren Mahone and associate Charlie Russak. Partner Pritesh P. Shah provided intellectual property advice. Partner Po Sit provided tax advice. Counsel Will Schisa provided sanctions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.