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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | 11. BorrowingsThe Company’s outstanding borrowings consisted of the following (in millions):
(a) Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.62 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s revolving credit facility (“Revolving Credit Facility”). The commercial paper notes may have maturities of up to 397 days from date of issuance. The Company’s commercial paper borrowings as of March 31, 2026 had a weighted-average annual interest rate of approximately 4.0% and a weighted-average term of approximately 4 days. (b) One of the Company's subsidiaries utilizes a short-term revolving credit facility agreement to fund certain operating activities in the UK. The subsidiary may borrow up to £60 million ($79 million as of March 31, 2026), and the facility expires in February 2030. Drawdowns of the credit facility borrowings are restricted for use in this subsidiary to purchase physical currency or repay existing borrowings on the facility. These credit facility borrowings as of March 31, 2026 had a weighted-average annual interest rate of approximately 5.3%. (c) Proceeds from the issuance of unsecured notes due in 2029 ("2029 Notes") and commercial paper were used to repay the aggregate principal amount of 1.350% unsecured notes due in March 2026. (d) On March 9, 2026, the Company issued $450.0 million of aggregate principal amount of 4.750% unsecured notes due in 2029. (e) The difference between the stated interest rate and the effective interest rate is not significant. (f) As of March 31, 2026, the Company's weighted-average effective rate on total borrowings was approximately 5.0%.
Delayed Draw Term Loan Facility On January 9, 2026, the Company entered into a delayed draw term loan credit agreement (“Delayed Draw Term Loan Facility”) providing for an unsecured term loan facility in an aggregate amount of $800.0 million. The Company has until July 8, 2026 to draw upon the Delayed Draw Term Loan Facility, which matures on the third anniversary of the initial funding date. The Company has the option to increase the commitments under the Delayed Draw Term Loan Facility by an amount such that the commitments do not exceed $1.0 billion in the aggregate (after giving effect to any such increases). Any such increases would be subject to obtaining additional commitments from existing or new banks under the Delayed Draw Term Loan Facility. The Company may use the proceeds from the Delayed Draw Term Loan Facility to finance the cash consideration to purchase the entire share capital of Intermex and repay all of Intermex's outstanding indebtedness under their revolving credit facility. 2029 Notes
On March 9, 2026, the Company issued $450.0 million of 4.750% unsecured notes due June 15, 2029, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2026. If a change of control triggering event occurs, holders of the 2029 Notes may require the Company to repurchase some or all of their notes at a price equal to 101% of the principal amount of their notes, plus any accrued and unpaid interest. The Company may redeem the 2029 Notes in whole or in part, at any time prior to May 15, 2029, at the greater of par or a price based on the applicable treasury rate plus 20 basis points. The Company may redeem the 2029 Notes at any time after May 15, 2029, at a price equal to par, plus accrued interest.
The following summarizes the Company’s maturities of its notes, term loan facility, and credit facility borrowings at par value as of March 31, 2026 (in millions):
The Company’s notes, term loan facility, and commercial paper program rank equally. These obligations may be structurally subordinated to obligations of the Company’s subsidiaries. The Revolving Credit Facility provides for unsecured financing facilities, including a $250.0 million letter of credit subfacility and $300.0 million swing line sublimit, and allows the Company to draw loans payable based upon the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate, or the Sterling Overnight Index Average. The Revolving Credit Facility provides for aggregate revolving credit commitments of $1.62 billion and matures on November 30, 2029. |
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