MoneyGram International Up 15% (MGI)

MoneyGram International, Inc. MGI shares are skyrocketing today, up nearly 15% on more than fix times its average daily volume.

At last check, it's up 40 cents to $3.08, a gain of 14.9% on 3.5 million shares.

The company announced that private equity firm Thomas H. Lee Partners and investment bank Goldman Sachs & Co. will be converting the preferred stock they hold into common shares.

After the transaction, THL and its co-investors will end up with a 55.1% of the company, and Goldman will own 30.3%.