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GAIN Capital raising up to $92m in convertible note offering

The parent of the Forex.com brand, Gain Capital (NYSE:GCAP), announced on Wednesday it plans to offer up to $92 million in convertible senior notes to “repay outstanding indebtedness” and for possible strategic acquisitions and buybacks.

 

First, the company plans to offer $80 million of its convertible notes to qualified institutional buyers. Then, the initial buyers will be granted an option to purchase an additional $12 million of the notes to cover potential over-allotments.

 

Gain Capital, which currently is the largest retail FX broker in the US, clarified it intends use part of the net proceeds of the offering to refinance existing obligations and to provide for a $15 million buyback program. The company hired J.P. Morgan and Jefferies as joint book-running managers of the offering.

 

Earlier this month it became clear that Gain Capital has paid $7 million for the clients of the now defunct US branch of Global Brokerage (FXCM). Besides, the company has recently published key financial and operating metrics for half-year of 2017, which are predominantly unfavorable.

 

Established in 2003, New Jersey-based Gain Capital is the largest retail forex broker in the US after FXCM exited the US Market. It offers trading in currency pairs, index & commodities CFDs, precious metals, exchange-traded futures and options (US clients), as well as spread-betting services (in the UK). Gain Capital serves both retail and institutional clients via its brands Forex.com, City Index, GTX, and Gain Capital.

TAGS: Gain Capital  buyback program  convertible notes 

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