Credit Facilities

9 Months Ended

Jun. 30, 2011

Credit Facilities

As of June 30, 2011, the Company had four credit facilities under which the Company may borrow up to $365.0 million, subject to certain conditions. The amounts outstanding under these credit facilities are short term borrowings and carry variable rates of interest, thus approximating fair value.

A summary of the Company’s credit facilities in place at June 30, 2011 is as follows:

•

A one-year, renewable, revolving syndicated committed loan facility expiring on September 21, 2011 under which the Company’s subsidiary, INTL Commodities, Inc. ("INTL Commodities") is entitled to borrow up to $140 million, subject to certain conditions. The loan proceeds are used to finance the activities of INTL Commodities and are secured by its assets. The facility is guaranteed by the Company, and the Company is currently in discussions with the lender and expects to renew the facility during the fourth quarter of fiscal 2011.


•	A three-year syndicated committed loan facility established on October 29, 2010 under which the Company is entitled to borrow up to $75 million, subject to certain conditions. The loan proceeds are used to finance working capital needs of the Company and certain subsidiaries.


•	An unsecured committed line of credit, expiring June 18, 2012, with a syndicate of lenders under which the Company’s subsidiary, FCStone, LLC may borrow up to $75 million. This line is intended to provide short term funding of margin to commodity exchanges as necessary. The line is subject to annual review.


•	A one-year committed borrowing facility with a syndicate of lenders expiring on December 1, 2011 under which the Company’s subsidiary, FCStone Financial, Inc. is entitled to borrow up to $75 million, subject to certain conditions. The loan proceeds are used to finance traditional commodity financing arrangements.

The Company’s credit facilities and outstanding borrowings, including subordinated debt, as of June 30, 2011 and September 30, 2010 were as follows:



(in millions)				Amounts Outstanding
Security	Renewal / Expiration Date	Total Commitment		June 30, 2011		September 30, 2010
Certain pledged shares	October 1, 2013	$	75.0	$	33.2	$	—
Certain foreign exchange assets	Terminated October 2010	—		—		12.5
Certain pledged shares	Terminated October 2010	—		—		11.9
Certain commodities assets	September 21, 2011	140.0		70.0		90.5
None	June 18, 2012	75.0		4.1		—
Certain commodities assets	December 1, 2011	75.0		13.2		—
None	Terminated December 2010	—		—		0.5
		$	365.0	$	120.5	$	115.4

During the fourth quarter of fiscal 2011, $140 million of the Company’s committed credit facilities are scheduled to expire. While there is no guarantee that the Company will be able to replace current agreements when they expire, based on a strong liquidity position and capital structure the Company believes it will be able to do so.

The Company’s facility agreements contain covenants relating to financial measures such as minimum net worth, minimum working capital, minimum regulatory capital, minimum cumulative EBITDA and minimum interest coverage ratios. Failure to comply with any such covenants could result in the debt becoming payable on demand. As of June 30, 2011 the Company was in compliance with all of its covenants under its credit facilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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