Credit Facilities

3 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Credit Facilities

Credit Facilities

Committed Credit Facilities

The Company and its subsidiaries have committed credit facilities under which they may borrow up to $1,200.0 million, subject to the terms and conditions of these facilities. The amounts outstanding under these credit facilities carry variable rates of interest, thus approximating fair value. The committed credit facilities generally have covenant requirements that relate to various leverage, debt to net worth, fixed charge, tangible net worth, excess net capital, or profitability measures. The Company and its subsidiaries were in compliance with all relevant covenants as of December 31, 2023.

Uncommitted Credit Facilities

The Company has access to certain uncommitted financing agreements that support its ordinary course securities and commodities inventories. The agreements are subject to certain borrowing terms and conditions.

Note Payable to Bank

The Company has notes payable to a commercial bank related to the financing of certain equipment which secures the notes.

Senior Secured Notes

The Company issued its Senior Secured Notes in June 2020. The Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior second lien secured basis, by certain subsidiaries of the Company that guarantee the Company’s senior committed credit facility and by Gain Capital Holdings, Inc. and certain of its domestic subsidiaries.

The Company incurred debt issuance costs of $9.5 million in connection with the issuance of the Senior Secured Notes, which are being amortized over the term of the Senior Secured Notes under the effective interest method. Since June 15, 2022, the Company has had the right to redeem the Senior Secured Notes, in whole or in part, at the redemption prices set forth in the indenture. The notes will mature on June 15, 2025.

The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, and outstanding (in millions, except for percentages):

						Amounts Outstanding
	Borrower	Security	Renewal/Expiration Date	Total Commitment		December 31, 2023			September 30, 2023
Committed Credit Facilities
	Senior StoneX Group Inc. Committed Credit Facility - Revolving Line of Credit	(1)	April 21, 2026	$	500.0	$	253.0	(5)	$	150.0
	StoneX Financial Inc.	None	October 29, 2024	190.0		—		(5)	—
	StoneX Commodity Solutions LLC	Certain assets	July 28, 2024	400.0		51.0		(5)	103.0
	StoneX Financial Ltd.	None	October 12, 2024	100.0		40.0		(5)	25.0
	StoneX Financial Pte. Ltd.	None	September 6, 2024	10.0		—		(5)	—
				$	1,200.0	$	344.0		$	278.0
	Uncommitted Credit Facilities	Various				67.1		(5)	55.5
	Note Payable to Bank	Certain equipment				7.4		(5)	7.5
	Senior Secured Notes	(2)				342.9		(3),(4)	342.1
Total outstanding borrowings						$	761.4		$	683.1

(1) The StoneX Group Inc. senior committed credit facility is a revolving facility secured by substantially all of the assets of StoneX Group Inc. and certain subsidiaries identified in the credit facility agreement as obligors, and pledged equity of certain subsidiaries identified in the credit facility as limited guarantors. The maturity date remains April 21, 2025 for one lender representing $42.5 million of the facility commitment.

(2) The Senior Secured Notes and the related guarantees are secured by liens on substantially all of the Company’s and the guarantors’ assets, subject to certain customary and other exceptions and permitted liens. The liens on the assets that secure the Senior Secured Notes and the related guarantees are contractually subordinated to the liens on the assets that secure the Company’s and the guarantors’ existing and future first lien secured indebtedness, including indebtedness under the Company’s senior committed credit facility.

(3) Amounts outstanding under the Senior Secured Notes are reported net of unamortized original issue discount of $5.1 million and $5.8 million, in the respective periods presented.

(4) Included in Senior secured borrowings, net on the Condensed Consolidated Balance Sheets.

(5) Included in Lenders under loans on the Condensed Consolidated Balance Sheets.

As reflected above, certain of the Company’s committed credit facilities are scheduled to expire during the next twelve months following the quarterly period ended December 31, 2023. The Company intends to renew or replace these facilities as they expire, and based on the Company’s liquidity position and capital structure, the Company believes it will be able to do so.