MoneyGram prices secondary as insiders cash out

The offering - size is 8M shares with underwriter greenshoe of 1.2M - priced at $16.50 each. The sellers are Thomas H. Lee Partners and Goldman Sachs. Concurrent with the offering, MoneyGram (MGI) will purchase another 8.2M shares from Lee at $16.25 each. This will be partly funded with $130M in borrowing under a new incremental term loan

The buyback is expected to boost EPS by about $0.11 after taking out the effect of the extra interest expense on the bottom line.

Shares -1.6% premarket to $16.80 after yesterday's 5.4% decline.

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