MoneyGram International, a global payment services company, announced that it completed a private placement of a new $975 million senior secured credit facility consisting of a $125 million, multi-bank five-year revolving credit facility and an $850 million, seven-year term loan.

Bank of America Merrill Lynch and Wells Fargo Securities served as joint lead arrangers and J.P. Morgan Securities, Deutsche Bank Securities and Credit Agricole Corporate and Investment Bank served as joint bookrunners.

The net proceeds from the new term loan were used to repay in full the company’s existing first lien credit facility and second lien notes.

“The completion of our debt refinancing represents a true milestone in the turn-around of MoneyGram,” said Pamela H. Patsley, MoneyGram’s chairman and chief executive officer. “Our new term loan expands our first lien facility under favorable terms, extends maturities into 2020 and substantially reduces our interest expense. The successful placement of the new credit facility reflects the tremendous progress the company has made since the recapitalization in 2008.”

MoneyGram International enables consumers who are not fully served by traditional financial institutions to meet their financial needs.