INTL FCStone kicks off $350 million five-year secured notes offering via Jefferies

By Paul A. Harris

Portland, Ore., May 26 – INTL FCStone Inc. plans to market a $350 million offering of five-year senior secured notes by means of investor calls set to take commence on Tuesday and wrap up on Thursday, according to an informed source.

A global investor call was scheduled to get underway at 1 p.m. ET on Tuesday.

The Rule 144A and Regulation S for life deal is set to price Friday.

Jefferies LLC has the books.

The notes come with two years of call protection. They also feature a regulatory capital put/call feature: Upon the earlier of the business combination of U.K.-registered subsidiaries regulated by the FCA and the one year anniversary of the issue date, the company may redeem – or bondholders may require the company to repurchase – up to $100 million of the notes at 103.

The New York-based financial services company plans to use the proceeds to fund its acquisition of Gain Capital Holdings, Inc., including the redemption of Gain Capital's convertible notes.

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