MoneyGram International Reports Shareholder Approval; Closes Recapitalization
MoneyGram International, Inc. (NYSE: MGI) today announced that all proposals submitted for a vote during the Special Meeting of MoneyGram International shareholders held earlier today received shareholder approvals.
The proposals were related to the previously announced Recapitalization Agreement entered into by MoneyGram International, Inc., affiliates and co-investors of Thomas H. Lee Partners, L.P. and affiliates of Goldman, Sachs & Co. and related amendments to the Company's charter documents reflecting proposed changes agreed in the Recapitalization Agreement. Following the shareholder vote, the Company today also completed the recapitalization transaction contemplated by the Recapitalization Agreement.
Pursuant to the transaction, affiliates and co-investors of Thomas H. Lee Partners, L.P. and Goldman, Sachs & Co. converted the Company's Series B and Series B-1 preferred shares into common stock or Series D preferred stock and received additional shares of common stock or Series D preferred stock and a cash payment, all as described in the Recapitalization Agreement and the Company's proxy statement.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.