MoneyGram readies launch of $850 million term loan B for Monday

By Sara Rosenberg

New York, March 15 - MoneyGram International Inc. is scheduled to hold a bank meeting on Monday to launch an $850 million seven-year covenant-light term loan B, according to a market source.

In addition, the facility will include a five-year revolver, the size of which is not yet available, the source said.

The revolver has maximum leverage, minimum interest coverage and minimum liquidity covenants.

BofA Merrill Lynch, Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Credit Agricole Securities (USA) Inc. are the lead banks on the deal.

Proceeds will be used to refinance 13¼% second-lien notes due 2018 and existing term loans.

MoneyGram is a Dallas-based provider of money transfer and payment services.

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