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INTL FCStone Inc. (NASDAQ: INTL) announced its rebranding to StoneX Group Inc., effective July 6, 2020. The name change received overwhelming shareholder approval. StoneX aims to enhance its identity as a modern financial services firm, providing a comprehensive platform that connects clients to a wide range of global markets. CEO Sean O'Connor highlighted the firm's transformational growth and strategic focus on innovation. With a history dating back to 1924, the company has expanded significantly, serving over 30,000 commercial and institutional clients globally.
INTL FCStone Inc. (NASDAQ: INTL) has successfully closed its offering of $350 million in 8.625% Senior Secured Notes due 2025 at an offering price of 98.5%. The gross proceeds will be held in a segregated escrow account until certain conditions, including the completion of a merger with GAIN Capital Holdings, are met. The funds will primarily be used to finance the merger, repay existing convertible notes, and cover transaction-related fees. The notes will become fully guaranteed after the escrow conditions are satisfied.
INTL FCStone Inc. (NASDAQ: INTL) has received approval from GAIN Capital Holdings, Inc. (NYSE: GCAP) shareholders for its acquisition at $6.00 per share, totaling approximately $236 million. The deal, announced on February 26, 2020, includes a provision to repurchase GAIN's $92 million convertible notes due in 2022. Around 71.2% of GAIN's outstanding shares voted in favor of the merger proposal. INTL anticipates the merger will complete in the fourth fiscal quarter of 2020, pending regulatory approvals.
INTL FCStone Inc. (NASDAQ: INTL) has priced its offering of $350 million in 8.625% Senior Secured Notes due 2025, at a purchase price of 98.5%. The offering is expected to close around June 11, 2020, and is aimed at qualified institutional buyers. Proceeds will fund the merger with GAIN Capital Holdings and repay GAIN’s 5.00% Convertible Senior Notes due 2022. The Notes will be secured by an escrow account until the merger conditions are met, after which they will be guaranteed by certain subsidiaries.
INTL FCStone Inc. reported record operating revenues of $366.8 million for Q2 2020, a 35% increase year-over-year, and net income of $39.3 million, reflecting a 68% increase. Earnings per share were $2.00, with a return on equity of 24.9%. Despite challenges from COVID-19, the company experienced substantial growth in equity and debt capital markets, alongside increased customer activity in futures and options trading.
Management noted future headwinds from lower interest rates and emphasized plans to expand through the Gain Capital transaction.
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