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. The Holdco Senior Notes are issued by Mobius
