MoneyGram International Announces Completion of Syndication Process for $540M Senior Secured Credit Facility

MoneyGram International, Inc. MGI today announced that the syndication process has been completed for its new $540 million senior secured credit facility consisting of a $150 million, five-year revolving credit facility and a $390 million, six-year term loan. The net proceeds from the term loan under the new credit facility will be used to consummate the Company's previously announced recapitalization and to refinance the Company's existing credit facility. The proposed term loan is expected to bear interest at LIBOR plus 3.25%.