StoneX Increases an Existing Credit Facility to $475 Million
- The company extended the maturity until April 2025.
- The proceeds will be used as working capital.
StoneX Group Inc. (Nasdaq: SNEX), which owns major retail FX trading brands like Forex.com and City Index, announced on Wednesday that it has increased the size of an existing senior secured credit facility from $401 million to $475 million.
Additionally, the latest amendment will extend the maturity of the instruments through April 2025.
The company will use the credit facility to finance its working capital needs and for its subsidiaries.
“Through increased support from our existing bank group as well as through a number of [new key] relationships, we are excited to announce the renewal and expansion of this important credit facility,” StoneX’s CEO, Sean O’Connor said in a statement.
“With the support of this expanded group of bank partners, we look forward to continuing to expand our product offerings to our growing client base in the years to come.”
The existing credit facility included $236 million in revolving credit facility and the rest of $165 million as a term loan. Now, the extended amount will be drawn as a part of that credit facility.
The lead arrangers of the credit facility were big names like Bank of America Merrill Lynch, Bank of Montreal and Capital One. Other participants include Signature Bank, CIBC Bank USA, BankUnited N.A, Arvest Bank, Bank of Hope, Barclays Bank and a few others.
Operating Some of the Major FX Brands
Formerly known as INTL FCStone, Stonex completed the acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term of GAIN Capital in 2020, thus becoming the owner of two top retail FX brands, Forex.com and City Index. Moreover, the company bought the Irish fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Read this Term firm, Chasing Returns last year which offers behavioural science products to facilitate retail and professional traders.
Also, the company posted solid financials in its last quarterly results. For the three months between October and December, the company reported a 55 percent yearly jump in its revenue to more than $14.3 billion. Furthermore, net income jumped by 114 percent to $41.7 million.
StoneX Group Inc. (Nasdaq: SNEX), which owns major retail FX trading brands like Forex.com and City Index, announced on Wednesday that it has increased the size of an existing senior secured credit facility from $401 million to $475 million.
Additionally, the latest amendment will extend the maturity of the instruments through April 2025.
The company will use the credit facility to finance its working capital needs and for its subsidiaries.
“Through increased support from our existing bank group as well as through a number of [new key] relationships, we are excited to announce the renewal and expansion of this important credit facility,” StoneX’s CEO, Sean O’Connor said in a statement.
“With the support of this expanded group of bank partners, we look forward to continuing to expand our product offerings to our growing client base in the years to come.”
The existing credit facility included $236 million in revolving credit facility and the rest of $165 million as a term loan. Now, the extended amount will be drawn as a part of that credit facility.
The lead arrangers of the credit facility were big names like Bank of America Merrill Lynch, Bank of Montreal and Capital One. Other participants include Signature Bank, CIBC Bank USA, BankUnited N.A, Arvest Bank, Bank of Hope, Barclays Bank and a few others.
Operating Some of the Major FX Brands
Formerly known as INTL FCStone, Stonex completed the acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term of GAIN Capital in 2020, thus becoming the owner of two top retail FX brands, Forex.com and City Index. Moreover, the company bought the Irish fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Read this Term firm, Chasing Returns last year which offers behavioural science products to facilitate retail and professional traders.
Also, the company posted solid financials in its last quarterly results. For the three months between October and December, the company reported a 55 percent yearly jump in its revenue to more than $14.3 billion. Furthermore, net income jumped by 114 percent to $41.7 million.