INTL FCStone, the US-headquartered global financial services group that is publicly listed on the Nasdaq under ticket INTL, today revealed an extension to its existing $140 million credit facility that will extend the maturity by another three years and increase it to $205 million, according to an official company press release.
Commenting on the news, INTL FCStone CEO Sean O’Connor said: “We are very pleased that we were able to increase the size of the credit facility by nearly 50% through increased support from our existing bankers and by expanding the bank group to include new relationships. This facility is an important part of our capital structure and is designed to fund short term liquidity mismatches through our settlement processes during its extended three year term.”
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The company is engaged in a number of key financial markets including foreign exchange and derivatives, and recently entered the asset-backed securities (ABS) market segment, after the company reported Q1 earnings for the period ending December 31st that were lower than the previous quarter.
Therefore, the additional $65 million that is now accessible could help INTL FCStone catch up on ongoing targets within its roadmap as its CEO highlighted, following the momentum in its share price during 2015. The company stock price had recently hit an all-time-high in November near the $36 mark, since pulling back towards a support level of around $25 per share, and closed today just over $26 ahead of the news.