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Amount of GAIN Capital's Convertible Notes Offering Rises to $80m

GAIN Capital, the US securities expert behind Forex broker FOREX.com, has just announced that the principal amount of its offering of senior convertible notes due 2018 has risen to $80 million. The rise comes after the initial purchasers exercised entirely their option to buy extra $10 million in aggregate principal amount of the notes. 

 
The move also changes the size of the expected proceeds from the offering to $77.2 million. Let's remind you that the notes will bear a yearly interest of 4.125%, to be paid two times a year – on June 1 and December 1. The initial conversion rate will be 83.3333 shares of GAIN's common stock for $1,000 of the principal note amount.
 
The proceeds from the offering will go for payment of GAIN's outstanding debts, a share buyback, as well as strategic moves including acquisitions of other companies. The increase in the size of the proceeds will mainly boost the funds for acquisitions, which is an exciting piece of news for those who expect the company to make a large-scale move and acquire an institutional Forex business
 
The offering of notes, which are available to selected institutional buyers, will close today.
 
Below you can see the official press release.
 
GAIN Capital Holdings, Inc. Announces Exercise of Full Over-Allotment Option for Convertible Senior Notes Due 2018
BEDMINSTER, N.J., Nov. 26, 2013 /PRNewswire/ -- GAIN Capital Holdings, Inc. (NYSE: GCAP) announced today that, in connection with GAIN Capital's private offering of 4.125% Convertible Senior Notes due 2018, the initial purchasers have exercised in full their option to purchase an additional $10.0 million in aggregate principal amount of the notes.  The full exercise of the option to purchase additional notes brings the aggregate principal amount of the notes sold in the offering to $80.0 million.  The offering is expected to close on November 27, 2013, subject to customary closing conditions.
GAIN Capital expects that the net proceeds from the offering of notes, including the notes sold pursuant to the initial purchasers' option to purchase additional notes, will be approximately $77.2 million, after deducting discounts to the initial purchasers and estimated offering expenses payable by GAIN Capital. 
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 FOREX.com, 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 www.gaincapital.com.
TAGS: gain capital  forex.com  gain capital forex  us forex broker  gain capital funding  corporate debts  corporate funding  forex acquisitions  forex broker news  convertible senior notes  convertible notes  option exercise 

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