INTL FCStone announced that it agreed to a new, three-year, senior secured revolving credit facility in the amount of $140 million. This facility replaces a $135m facility maturing October 1, 2013 and will be used to finance working capital needs of INTL FCStone and certain of its subsidiaries.
Bank of America Merrill Lynch and Capital One acted as joint lead arrangers and joint book managers. Bank of America is administrative agent on the facility. Participants included Bank Hapoalim, BMO Harris Bank and The Korea Development Bank New York Branch.
Sean O’Connor, CEO of INTL FCStone, said, “We are very pleased with this new credit facility and the support of our bankers. It provides us with greater flexibility than the previous facility. Together with our successful issue of senior notes in July 2013, this facility is an important part of our capital structure and is designed to fund short term liquidity mismatches through the settlement process.”
INTL FCStone provides execution and advisory services in commodities, currencies and international securities. INTL’s businesses, which include the commodities advisory and transaction execution firm FCStone Group, serve more than 20,000 customers in more than 100 countries through a network of offices in 12 countries around the world.