MoneyGram Announces Completion of ATM Equity Offering Program and Provides Update on Refinancing Plans

MoneyGram International, Inc. (NASDAQ: MGI) ("MoneyGram" or the "Company") is announcing the completion of its previously announced "at-the-market" equity offering program (the "ATM Program") which provided for the offer and sale, from time to time, of shares of its common stock (the "Shares") having an aggregate sales price of up to $100 million.  

In less than two weeks, MoneyGram completed the ATM Program by selling $99.8 million, or 10.4 million Shares, at an average price per share of $9.56, resulting in total net proceeds to the Company of $97.6 million.  As of June 17, 2021, MoneyGram had 90,530,779 shares outstanding, which includes the shares that were sold pursuant to the ATM Program.

As previously disclosed, MoneyGram intends to use the net proceeds from the sale of the Shares to partially prepay outstanding indebtedness under the Company's First Lien Credit Agreement, dated June 26, 2019, with Bank of America, N.A. acting as administrative agent, and the lender parties thereto, as amended (the "First Lien Credit Agreement"), and/or under the Company's Second Lien Credit Agreement, dated as of June 26, 2019, with Bank of America, N.A., as administrative agent, the financial institutions party thereto as lenders and the other agents party thereto (the "Second Lien Credit Agreement"), and to pay for certain costs associated with the refinancing of the First Lien Credit Agreement and Second Lien Credit Agreement that the Company currently expects to complete early in the third quarter of 2021.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About MoneyGram International, Inc.

MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people across the globe over the last five years.

The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.