INTL FCStone subsidiary reduces revolver to $30 million, extends it

By Angela McDaniels

Tacoma, Wash., May 5 - INTL FCStone Inc. indirect wholly owned subsidiary FCStone Merchant Services, LLC amended its revolving credit facility on Thursday, decreasing the amount available to $30 million from $75 million.

The amendment also extended the termination date to May 1, 2015 from May 1, 2014, according to an 8-K filing with the Securities and Exchange Commission.

The company said FCStone Merchant Services requested the reduction in order to maintain cost efficiency following reduced levels of utilization.

The loan proceeds will continue to be used to finance the borrower's activities and are secured by its assets.

Bank of Montreal, Chicago Branch is the administrative agent.

INTL FCStone is a New York-based brokerage business.

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