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GAIN Capital to Sell $65m of Notes to Fund Acquisitions

GAIN Capital, the financial group behind US Forex broker has just announced that it will offer to certain institutional parties to purchase senior convertible notes worth a total of $65 million. The move aims at raising funds so that the group pays for further acquisitions and repays some outstanding debts.

The convertible notes, as many of you perhaps know, are types of bonds that a holder can convert into stock or cash. GAIN said the purchasers would be able to convert the notes into stock in the company or cash between June 1, 2018 and the maturity date on December 1, 2018 in any circumstamces. Before June 1, 2018, the conversion will be possible under certain conditions only. The final terms of the offering and the notes conversion will be stipulated during negotiations between GAIN and the buyers. Talking about buyers, let's mention that the initial purchasers of  notes will be Jefferies LLC and Keefe, Bruyette & Woods, a Stifel Company.
More interestingly, the news of the placement of notes comes just a couple of days after FXCM, a rival of GAIN in the US Forex market, announced a boost to its credit facility, with the move obviously aimed at securing funds for acquisitions. GAIN has already made a step towards boosting its institutional FX segment by acquiring GFT earlier this year. And during the third-quarter conference call, chief executive Glenn Stevens said the company would seek further acquisitions in this area. Moreover, Stevens said back then that the company would seek to generate 50% of its revenues from its non-retail business in the long term. Apparently, GAIN is beefing up its financials as it pursues this aim.
Getting back to the notes theme, we should stress that they will be available solely in private offerings. In addition, the purchasers will be given the opportunity to make use of a 30-day option worth as much as $10 million.
You can find the full press release below.
GAIN Capital To Offer $65 Million Convertible Senior Notes
BEDMINSTER, N.J., Nov. 20, 2013 /PRNewswire/ -- GAIN Capital Holdings, Inc. (NYSE: GCAP) today announced its intention to offer, subject to market conditions and other factors, $65 million aggregate principal amount of its convertible senior notes due 2018 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Act").  GAIN Capital also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $10 million aggregate principal amount of the notes to cover overallotments, if any.
The notes will be unsecured, senior obligations of GAIN Capital, and interest will be payable semi-annually.  The notes will be convertible at any time prior to the close of business on the business day immediately preceding June 1, 2018 only upon the occurrence of specified events; thereafter, until the close of business on the business day immediately preceding the maturity date of December 1, 2018, the notes will be convertible at any time.  
Conversions of the notes will be settled by the delivery and/or payment of GAIN Capital common stock, cash, or a combination thereof, at GAIN Capital's election (subject to certain limitations).  Final terms of the notes, including the interest rate, initial conversion rate and other terms, will be determined by negotiations between GAIN Capital and the initial purchasers of the notes.  GAIN Capital intends to use the net proceeds of the offering to repay outstanding indebtedness and for general corporate purposes, which may include strategic acquisitions.
Jefferies LLC and Keefe, Bruyette & Woods, a Stifel Company, are acting as initial purchasers of the notes.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.  Any offer of the securities will be made only by means of a private offering memorandum.  The notes and the shares of common stock issuable upon conversion of the notes, if any, will not be registered under the Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Act and applicable state laws.

About GAIN Capital

GAIN Capital Holdings, Inc. (NYSE: GCAP) is a global provider of online trading services. GAIN's innovative trading technology provides market access and highly automated trade execution services across multiple asset classes to a diverse client base of retail and institutional investors.
 GAIN's businesses include, which provides retail traders around the world access to a variety of global OTC financial markets, including forex, precious metals and CFDs on commodities and indices; GTX, a fully independent FX ECN for hedge funds and institutions; OEC, an innovative online futures broker; and GAIN Securities, Inc. (member FINRA/SIPC), a licensed U.S. broker-dealer.
 GAIN Capital is headquartered in Bedminster, New Jersey, with a global presence across North America, Europe and the Asia Pacific regions.  For further company information, visit
TAGS: gain capital us broker  gain capital notes  corporate debt  corporate finances  raising funds  senior convertible notes  $65 million  forex acquistions  corporate strategy 

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