By Paul A. Harris
Portland, Ore., Feb. 15 – StoneX Group Inc. priced a $550 million issue of seven-year senior secured second-lien notes (Ba3/BB-) at par to yield 7 7/8% in a Thursday drive-by, according to a syndicate source.
The yield came at the tight end of yield talk in the 7 7/8% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were BMO Capital Markets Corp., Jefferies LLC and StoneX.
Timing was accelerated. When announced Thursday morning the deal was scheduled to remain in the market until Friday.
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.
| Issuer: | StoneX Group Inc.
|
| Amount: | $550 million
|
| Issue: | Senior secured second-lien notes
|
| Maturity: | March 1, 2031
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | BMO Capital Markets Corp., Jefferies LLC and StoneX
|
| Co-managers: | Barclays, Capital One Securities Inc. and CIBC World Markets Corp.
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 377 bps
|
| Call protection: | Three years
|
| Trade date: | Feb. 15
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8% area
|
| Marketing: | Drive-by
|
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