StoneX Group Inc (NASDAQ:SNEX), the new owner of GAIN Capital, has announced that it has amended its Credit Agreement dated as of February 22, 2019 among the company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the financial institutions parties thereto as lenders pursuant to a Fifth Amendment to the Credit Agreement dated as of June 18, 2021.
Pursuant to the Amendment, the Credit Agreement was modified to, among other things, (1) increase the revolving credit facility by $39,550,000 to $236,050,000 and (2) extend the maturity date from February 22, 2022 to August 22, 2022.
Let’s recall that, on February 22, 2019, INTL FCStone Inc (the former name of StoneX) entered into an Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Bank of America Merrill Lynch and Capital One, National Association, as Joint Lead Arrangers and Joint Bookrunners, and Signature Bank, BMO Harris Bank N.A., BankUnited, N.A., CIBC Bank USA, Barclays Bank PLC, Cadence Bank, N.A., The Huntington National Bank, Webster Bank, National Association, and TriState Capital Bank, as additional Lenders, and with the lenders from time to time parties to the Credit Agreement, pursuant to which the parties agreed to an amended three year, senior secured credit facility in the amount of $350 million.
Back then, StoneX said the loan proceeds will continue to be used to finance its working capital needs and some of its subsidiaries.
On June 21, 2021, the previously disclosed offer by StoneX to purchase up to $100 million in aggregate principal amount of its 8.625% Senior Notes due 2025 expired with an aggregate of $1,579,000 principal amount of the outstanding Notes validly tendered and not withdrawn.
The purchase price for the validly tendered Notes is 103% of the principal amount thereof plus accrued and unpaid interest.