Stonex Group Inc. (NASDAQ: SNEX) has closed its offering of $550 million in aggregate principal amount of 7.875% senior secured notes due 2031. The notes were offered and sold in a private offering to qualified institutional buyers and certain persons outside the United States.
The notes pay interest semiannually at a rate of 7.875% per annum and are fully and unconditionally guaranteed, jointly and severally, on a senior secured second lien basis by the company's existing and future subsidiaries. The notes and related guarantees are secured on a second priority basis by liens on substantially all of the company's and the guarantors' property and assets.
The company has also entered into an intercreditor agreement, resulting in the liens on the company's and the guarantors' assets that secure the notes and related guarantees being contractually subordinated to the liens on the company's and the guarantors' existing and future first lien obligations.
It's important to note that this press release is neither an offer to sell nor a solicitation of an offer to buy the notes, and the offer and sale of the notes and related guarantees have not been registered under the securities act.
Since the prior period, the company has successfully closed an offering of $550 million in senior secured notes due 2031, providing an additional source of financing for its operations. This move indicates the company's confidence in its ability to service and repay this debt, as well as its strategy for growth and expansion in the coming years.
For the full picture, make sure to review StoneX's 8-K report.
