StoneX to price $550 million seven-year second-lien notes on Friday

By Paul A. Harris

Portland, Ore., Feb. 15 – StoneX Group Inc. plans to price a $550 million offering of seven-year senior secured second-lien notes on Friday, according to a syndicate source.

The Rule 144A and Regulation S notes become subject to an initial call after three years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101 poison put.

BofA Securities Inc. is the left bookrunner. BMO Capital Markets Corp., Jefferies LLC and StoneX are the joint bookrunners.

Barclays, Capital One Securities Inc. and CIBC World Markets Corp. are the co-managers.

The New York-based financial services company plans to use the proceeds plus cash on hand to fully redeem its 8 5/8% senior secured notes due 2025 and to pay off its revolving credit facility.

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