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MoneyGram Buyback

OLI recorded this information on 3/25/2014

Company: MoneyGram
Buyback: MGI buyback
$Amount Authorized: $150,000,000
Buyback Details: Additionally, the Company announced that it intends to repurchase approximately $150 million in shares of common stock from the Selling Stockholders concurrently with the closing of the Offering. The share repurchase will be effected in a private, non-underwritten transaction at a price per share of common stock equal to the midpoint between the public offering price and the price to the Selling Stockholders in the Offering. The Company expects to fund the share repurchase with borrowings under a new incremental term loan (the "Incremental Debt Financing") having substantially the same terms as the Company's existing term loan. The Offering, the share repurchase and the Incremental Debt Financing are all contingent on one another. In connection with the Incremental Debt Financing, the Company is seeking consents from debt investors to permit up to a total of $300 million of share repurchases from the Selling Stockholders.

MoneyGram International is engaged in in cross-border peer-to-peer payments and money transfers. Co. has additional offerings which include bill payment services, money order services, and official check processing. Co. manages its business primarily through two segments: Global Funds Transfer, which provides money transfer services and bill payment services principally as an alternative to banking services; and Financial Paper Products, which provides money orders to consumers through its agents and financial institutions located throughout the U.S. and Puerto Rico and provides official check outsourcing services for banks and credit unions across the U.S.

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Company Name: 
MoneyGram International Inc
Stock buyback: 
MGI buyback
Website: 
www.moneygram.com
Sector: 
Business Services & Equipment
Number of ETFs Holding MGI: 
21
Total Market Value Held by ETFs: 
$55.03M
Total Market Capitalization: 
$639.00M
% of Market Cap. Held by ETFs: 
8.61%
 

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Hold (2.00 out of 4)
0th percentile
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