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Credit Facilities
 9 Months Ended
Jun. 30, 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 $1,125.0 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 June 30, 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 a note payable to a commercial bank related to the financing of certain equipment which secures the note.
Senior Secured Notes
On March 1, 2024, the Company issued $550 million in aggregate principal amount of its 7.875% 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 guarantee 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 $7.6 million, which are being amortized over the term of the Notes due 2031 under the effective interest method.
On June 17, 2024, the Company used part of the proceeds from its Notes due 2031 to extinguish its 8.625% Senior Secured Notes due 2025 (the “Notes due 2025”) when $363.0 million that the Company had previously deposited into an irrevocable trust as part of an in-substance defeasance was remitted to the note holders to redeem the notes and pay interest due up to that date.
In accordance with ASC 470-50 “Debt - Modifications and Extinguishments”, the transactions noted above were determined to be an extinguishment of the Notes due 2025 and an issuance of new debt. As a result, the Company recorded a loss on the extinguishment of debt in the amount of $3.7 million included in Interest expense on corporate funding on the Condensed Consolidated Income Statements for the three and nine months ended June 30, 2024, of which $2.4 million represented the write off of deferred financing costs and $1.3 million represented the write off of original issue discount.
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 CommitmentJune 30, 2024September 30,
2023
Committed Credit Facilities
Senior StoneX Group Inc. Committed Credit Facility - Revolving Line of Credit(1)April 21, 2026$500.0 $15.0 (5)$150.0 
StoneX Financial Inc. NoneOctober 29, 2024190.0 — (5)— 
StoneX Commodity Solutions LLCCertain assetsJuly 29, 2025325.0 (6)125.0 (5)103.0 
StoneX Financial Ltd. NoneOctober 12, 2024100.0 — (5)25.0 
StoneX Financial Pte. Ltd.NoneSeptember 6, 202410.0 — (5)— 
$1,125.0 $140.0 $278.0 
Uncommitted Credit FacilitiesVarious80.7 (5)55.5 
Note Payable to BankCertain equipment7.1 (5)7.5 
Senior Secured Notes due 2031(2)542.8 (4)— 
Senior Secured Notes due 2025(2)— (3)342.1 
Total outstanding borrowings$770.6 $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.On July 10, 2024 the obligation of one lender was assigned to another lender with the new maturity date consistent with the other existing lenders’, April 21, 2026.
(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 $5.8 million as of September 30, 2023. The Notes due 2025 were extinguished as of June 30, 2024.
(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 $7.2 million.
(5) Included in Lenders under loans on the Condensed Consolidated Balance Sheets.
(6) The facility was amended on July 29, 2024 to extend the maturity date to July 29, 2025. The amount available was reduced from $400.0 million to $325.0 million as part of the renewal process.
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 June 30, 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.