* Offer to refinance part of co’s debt securities
* Coupon on new notes to be determined on March 25
March 2 (Reuters) - World’s largest payment transfer company Western Union Co (WU.N) said it will exchange up to $500 million of notes to refinance a portion of its outstanding debt securities.
The offering consists of the company’s 5.400 percent notes due 2011, for a new series of notes due April 1, 2020.
The coupon on the new notes is expected to be determined on March 25, and would be calculated by adding the yield of the 10-year Treasury and 1.35 percent, Western Union said in a statement.
The exchange offer is subject to at least $250 million of the notes being validly tendered, and will expire at midnight on March 29.
Western Union’s shares closed at $16 Monday on the New York Stock Exchange. The stock has lost 15 percent of its value since the beginning of the year. (Reporting by Brenton Cordeiro in Bangalore; Editing by Aradhana Aravindan)