...July 1, 2019 NEW YORK (S&P Global Ratings) July 1, 2019--S&P Global Ratings assigned its 'B' issue rating on MoneyGram International's (B/Stable/--) new first-lien credit agreement. Our recovery rating of '3' indicates our expectation of a meaningful recovery (60%) recovery in the event of default. The company has refinanced about $900 million of a senior secured credit facility due 2020 with its new first-lien credit agreement and a new second-lien credit agreement, each with Bank of America N.A. acting as an administrative agent. The new agreements provide for a $35 million first-lien revolving credit facility due September 2022, $645 million first-lien term loan due June 2023, and $245 million second-lien term loan (rated '###+') due June 2024. With the closing, the company has extended or repaid in full all outstanding indebtedness under the existing credit facility. In addition, upon closing of the second lien, the company issued warrants to second-lien term lenders for about 5.4 million...
