MoneyGram International's Proposed $400 Million Senior Secured Notes Due 2030 Rated 'B'

TORONTO (S&P Global Ratings) May 18, 2023--S&P Global Ratings today said it assigned its 'B' issue rating and '3' recovery rating to MoneyGram International's (MGI) proposed $400 million senior secured notes due 2030. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a hypothetical default. The company intends to use the net proceeds from this transaction to partially finance Madison Dearborn Partners' (MDP) acquisition of MGI. To complete the acquisition and refinance its existing debt, MGI also intends to raise a $500 million term loan, $100 million holdco senior notes due 2028, $300 million holdco preferred equity, and $740 million common equity. The proposed secured notes will rank pari passu with

...May 18, 2023 TORONTO (S&P Global Ratings) May 18, 2023--S&P Global Ratings today said it assigned its 'B' issue rating and '3' recovery rating to MoneyGram International's (MGI) proposed $400 million senior secured notes due 2030. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a hypothetical default. The company intends to use the net proceeds from this transaction to partially finance Madison Dearborn Partners' (MDP) acquisition of MGI. To complete the acquisition and refinance its existing debt, MGI also intends to raise a $500 million term loan, $100 million holdco senior notes due 2028, $300 million holdco preferred equity, and $740 million common equity. The proposed secured notes will rank pari passu with the term loan and undrawn revolver in the first-lien debt agreement. After closing, MGI's existing term loan and senior secured notes, with $379 million and $415 million outstanding balances as of March 31,...

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