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Credit Facilities
 6 Months Ended
Mar. 31, 2024
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 March 31, 2024.
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
On March 1, 2024, the Company issued $550 million in aggregate principal amount of the Company’s 7.875% Senior Secured Notes due 2031 (the “Notes due 2031”) at the offering price of 100% of the aggregate principal amount. The Notes due 2031 are fully and unconditionally guaranteed, jointly and severally, on a senior secured second lien basis by each of the Company’s existing and future subsidiaries that guarantees indebtedness under the Company’s senior secured revolving credit facility and certain other senior indebtedness. Interest related to these notes is payable twice annually, in arrears. The Company incurred debt issuance costs of $7.9 million, which are being amortized over the term of the Notes due 2031 under the effective interest method.
The Company used a portion of the proceeds from the issuance of the Notes due 2031 to irrevocably fund an account holding funds to satisfy its 8.625% Senior Secured Notes due 2025 (the “Notes due 2025”) via an in-substance defeasance. The defeasance included placing $363.0 million of immediately available funds, representing the aggregate principal amount outstanding and all unpaid interest (accrued and yet to be accrued) through, but not including, June 15, 2024, into an escrow account designated to hold and distribute the same amount on the intended redemption date of June 15, 2024. These funds are reported within Restricted Cash on the Condensed Consolidated Balance Sheets.
The Notes due 2025 are scheduled to mature on June 15, 2025. Interest on the Notes due 2025 accrues at a rate of 8.625% per annum and is payable semiannually in arrears. The Company incurred debt issuance costs of $9.5 million in connection with the issuance of the Notes due 2025 in June 2020, which are being amortized over the term of the Notes due 2025 under the effective interest method. The Company has had the right, since June 15, 2022, to redeem the Notes due 2025, in whole or in part, at the redemption prices set forth in the indenture governing the Notes due 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):
(in millions)Amounts Outstanding
BorrowerSecurity Renewal/Expiration DateTotal CommitmentMarch 31, 2024September 30,
2023
Committed Credit Facilities
Senior StoneX Group Inc. Committed Credit Facility - Revolving Line of Credit(1)April 21, 2026$500.0 $25.0 (5)$150.0 
StoneX Financial Inc. NoneOctober 29, 2024190.0 — (5)— 
StoneX Commodity Solutions LLCCertain assetsJuly 28, 2024400.0 71.0 (5)103.0 
StoneX Financial Ltd. NoneOctober 12, 2024100.0 50.0 (5)25.0 
StoneX Financial Pte. Ltd.NoneSeptember 6, 202410.0 — (5)— 
$1,200.0 $146.0 $278.0 
Uncommitted Credit FacilitiesVarious100.4 (5)55.5 
Note Payable to BankCertain equipment7.2 (5)7.5 
Senior Secured Notes due 2031(2)542.2 (4)— 
Senior Secured Notes due 2025(2)343.7 (3)342.1 
Total outstanding borrowings$1,139.5 $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 $17.5 million of the facility commitment.
(2) The 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 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) Included in Senior secured borrowings, net on the Condensed Consolidated Balance Sheets. Amounts outstanding under the Notes due 2025 are reported net of unamortized original issue discount and unamortized deferred financing costs of $4.2 million and $5.8 million, in the respective periods presented. The amounts payable under Notes due 2025 have been defeased as the Company has placed the necessary funds in escrow, reported in Restricted cash on the Condensed Consolidated Balance Sheets.
(4) Included in Senior secured borrowings, net on the Condensed Consolidated Balance Sheets. Amounts outstanding under the Notes due 2031 are reported net of unamortized deferred financing costs of $7.8 million.
(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 March 31, 2024. The Company intends to renew or replace the 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.