INTL FCStone Closes $350 Million Private Notes Offering

INTL FCStone Inc. announced on the 11th of June that it has closed its $350 million in aggregate principal amount of Senior Secured Notes due 2025 offering, which was announced last month.

The Notes were sold at the offering price of 98.5 per cent of the aggregate principal amount thereof, the financial services provider said in the statement on Thursday. The gross proceeds have been deposited into a segregated escrow account.

“Following satisfaction of the escrow release conditions, the Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior second lien secured basis, by certain subsidiaries of the Company that guarantee the Company’s senior credit facility and by GAIN Capital Holdings, Inc. (“GAIN”) and certain of its domestic subsidiaries,” the statement said.

As Finance Magnates reported, INTL FCStone plans on using the proceeds from the sale of the notes, together with cash on hand, to fund the cash consideration for the Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term of GAIN Capital.

The deal will see INTL FCStone buy GAIN for $6 per share in an all-cash transaction. This represents approximately $236 million in equity value. Following 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, GAIN will survive as the company’s wholly-owned subsidiary.

GAIN shareholders vote for INTL FCStone merger

Earlier this month, on the 5th of June, GAIN Capital shareholders voted in favour of the merger. In fact, more than 71 per cent of votes cast by the FX broker’s shareholders were in favour of the transaction.

This represented 86 per cent of the total in attendance, well above the required two-thirds threshold. Nearly 83.2 per cent of all GAIN’s shareholders attended the special meeting to decide on the merger proposal.

Although shareholders voted in favour of the merger, some directors opposed the transaction. In May, the US market maker said that two members of its Board of Directors, Peter Quick and Chris Sugden, no longer supported the merger with INTL FCStone Inc.

This is because Quick and Sugden believe that in light of the performance of GAIN, boosted by COVID-19, since the signing of the Merger Agreement, which puts the company’s value at $6 per share, is no longer reflective of the long term value of GAIN Capital.