MoneyGram Surges On Report Advent Wants It In Its PE bag By Investing.com

By Dhirendra Tripathi

Investing.com – Moneygram (NASDAQ:MGI) stock surged 4% Friday on a report in the Financial Times that private equity company Advent is eyeing a stake in the money-transfer services company.

The company is “rumored to be in the sights of private equity group Advent,” FT said.

The speculation about Advent’s interest surfaced as MoneyGram is close to closing a major debt refinancing, the paper said.

On Wednesday, MoneyGram announced a private offering of $415 million refinancing debt, pricing it at 5.375%, payable semi annually with maturity on August 1, 2026. The offering is expected to close Wednesday.

Last year, Western Union (NYSE:WU) had made an offer for the Dallas company but the deal didn’t transpire.