MoneyGram International Inc.?s Proposed Debt Rated 'B'; Issuer Credit Rating Affirmed At 'B'; Outlook Stable

MoneyGram International Inc. (MGI) announced plans to issue $500 million term loan to partially finance Madison Dearborn Partners' (MDP) acquisition of MGI. To complete the acquisition and refinance its existing debt, MGI also intends to raise $400 million other secured debt, $100 million Holdco Senior Notes due 2028, $300 million Holdco preferred equity, and $740 million common equity. We affirmed our 'B' issuer credit rating on MGI and assigned our 'B' issue rating to the proposed $500 million term loan B due 2030. The stable outlook reflects our expectation that over the next 12 months, MGI will operate with EBITDA cash interest coverage of 2.0x-3.0x and adjusted debt to EBTIDA above 5.0x. TORONTO (S&P Global Ratings) May 11, 2023--S&P Global

...May 11, 2023 - MoneyGram International Inc. (MGI) announced plans to issue $500 million term loan to partially finance Madison Dearborn Partners' (MDP) acquisition of MGI. - To complete the acquisition and refinance its existing debt, MGI also intends to raise $400 million other secured debt, $100 million Holdco Senior Notes due 2028, $300 million Holdco preferred equity, and $740 million common equity. - We affirmed our 'B' issuer credit rating on MGI and assigned our 'B' issue rating to the proposed $500 million term loan B due 2030. - The stable outlook reflects our expectation that over the next 12 months, MGI will operate with EBITDA cash interest coverage of 2.0x-3.0x and adjusted debt to EBTIDA above 5.0x. TORONTO (S&P Global Ratings) May 11, 2023--S&P Global Ratings took the rating action described above The rating affirmation follows MGI's proposed issuance of $500 million term loan due 2030 to partially finance MDP's acquisition of MGI. MDP intends to finance the buyout transaction...

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