MoneyGram International Makes $40 million Debt PrepaymentMINNEAPOLIS--(BUSINESS WIRE)--MoneyGram International (NYSE:MGI), a global leader in the payment services industry, today announced that it has provided notice to its debt holders that on Dec. 22, 2009, it will make an optional $40 million prepayment on its tranche B term loan under the senior secured credit facility.
“We remain focused on continuing to improve our capital structure and are very pleased to be able to make a prepayment on our term B debt to further reduce the company’s total outstanding debt obligation,” said Pamela H. Patsley, chairman and CEO.Including this latest payment, MoneyGram International will have paid $187 million toward its outstanding debt obligation in 2009. This represents a 19 percent decrease in the company’s total outstanding debt since Jan. 1, 2009.
In related news, MoneyGram also announced the departure of their Chief Financial Officer.
MoneyGram International (NYSE:MGI), a global leader in the payment services industry, today announced that Jeffrey R. Woods, executive vice president and chief financial officer, will be departing the company for personal reasons on Jan. 15, 2010.
“I would like to thank Jeff for the contributions that he has made to MoneyGram over the past five months. While his tenure was brief, we appreciate his efforts in helping to position the company for growth in 2010,” said Pamela H. Patsley, MoneyGram chairman and CEO. “These decisions are never easy, however, the board and I understand Jeff’s reasons and wish him well in his future endeavors."
Woods joined MoneyGram in August of 2009. Following his departure, he will be available to the company on an as-needed basis. The company has begun a search for his successor.
