(RTTNews) - StoneX Group Inc. (SNEX), a financial services provider, on Monday announced a private offering of $625 million of Senior Secured Notes due 2032 to be issued by its wholly-owned subsidiary, StoneX Escrow Issuer LLC.
StoneX Escrow Issuer LLC, which was created solely to issue the Notes in connection with the merger, will deposit the gross proceeds of the offering into a segregated escrow account until the date that certain escrow release conditions are satisfied.
Upon the closing of the company's proposed acquisition of R.J. O'Brien, StoneX Escrow Issuer LLC will merge with and into the company, and the escrowed proceeds will be released.
Upon the release of the escrowed proceeds, the Group intends to use the proceeds from the offering together with cash on hand to pay the purchase price and expenses in connection with the merger.
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