StoneX Group Inc (NASDAQ:SNEX) has filed a report with the Securities and Exchange Commission (SEC) announcing that it has commenced an offer to purchase up to $100 million in aggregate principal amount of its 8.625% Senior Notes due 2025.

The offer was launched on May 21, 2021. The notes will be purchased for cash at a purchase price equal to 1.03% of the principal amount of the Notes plus accrued and unpaid interest, if any, to the date of purchase price.

The offer, which will remain open for a period of twenty business days following its commencement, is being made to satisfy the company’s obligation under Section 4.20 of the Indenture dated as of June 11, 2020 by and among StoneX, the guarantors party thereto and The Bank of New York Mellon, as Trustee.

Let’s recall that, on June 11, 2020, StoneX, which back then was known as INTL FCStone Inc, completed the issuance and sale of $350 million in aggregate principal amount of its 8.625% Senior Secured Notes due 2025. The Notes were issued at the offering price of 98.5% of the aggregate principal amount thereof.

The Notes were issued pursuant to an Indenture, dated June 11, 2020, by and among the company, the guarantors party thereto from time to time and The Bank of New York Mellon, as trustee and collateral agent.

StoneX said back in June 2020 that it intends to use the net proceeds from the sale of the Notes, together with cash on hand, to (1) fund the cash consideration for the merger of the Company’s wholly-owned subsidiary and GAIN Capital Holdings, Inc, (2) fund the repayment of GAIN’s 5.00% Convertible Senior Notes due 2022 and (3) pay certain related transaction fees and expenses.

The Notes will mature on June 15, 2025. Interest on the Notes accrues at a rate of 8.625% per annum and is payable semiannually in arrears on June 15 and December 15 of each year, commencing on December 15, 2020. The Company is obligated to make each interest payment to the holders of record of the Notes on the immediately preceding June 1 and December 1.