MoneyGram International, Inc. reported that it has entered into a new first lien credit agreement and a new second lien credit agreement, each with Bank of America, N.A. acting as administrative agent.

The new agreements provide for:

• a first lien secured three-year revolving credit facility of $35 million
• a first lien secured four-year term loan facility of $645 million
• a second lien secured five-year term loan facility of $245 million.

With the closing of these credit facilities today, MoneyGram successfully extended and/or repaid in full all outstanding indebtedness under the Company's existing credit facility.

Bank of America, N.A. has arranged a second amended and restated first lien credit agreement including a $35 million senior secured three-year revolving credit facility that may be used for revolving credit loans, swingline loans and letters of credit up to an aggregate principal amount of $35 million, which matures September 30, 2022, and a senior secured four-year term loan facility in an aggregate principal amount of $645 million. Additionally, a second lien credit agreement provides for a secured five-year term loan facility of $245 million.

The interest rate for the revolving credit facility will be LIBOR plus either 6.00% or 5.75% per annum depending on the Company's First Lien Leverage Ratio, and the interest rate for the first lien term loan facility will be LIBOR plus 6.00%. All term loans under the second lien term loan facility bear interest at a rate of 13.00% per annum.

In addition, upon the closing of the second lien term loan facility, the Company issued warrants to the senior secured second lien term lenders exercisable under certain conditions for a total of 5,423,470 shares of the Company's common stock representing approximately 8% of the fully diluted then-outstanding common stock of the Company. In addition, the Company and the warrant holders entered into a registration rights agreement, pursuant to which the Company agreed to provide the warrant holders with certain registration rights with respect to all shares of common stock issuable upon exercise of the warrants, all warrants issued to the lenders under the second lien term loan facility and any securities issued directly or indirectly with respect to such shares of common stock or warrants.