WU Western Union CO
Price Chart
Executive Summary
Western Union is issuing an additional $165M of 4.750% notes due 2029 as a reopening of its existing $450M notes, bringing total to $615M. Net proceeds of ~$162.1M will be used for general corporate purposes, including potential repayment of commercial paper or term loan borrowings. The debt offering follows a bearish Q1 earnings miss (EPS $0.20 vs consensus $0.39) and occurs ahead of a pending $500M cash acquisition of Intermex.
Actionable Insight
Monitor the Intermex acquisition closing and Q2 earnings for signs of operational improvement. The offering itself is a routine debt refinancing with no direct equity impact, but higher leverage (total debt ~$2.8B vs $910M equity) increases financial risk. The recent EPS miss and guidance reaffirmation suggest near-term catalysts are limited.
Key Facts
- Offering: $165M additional 4.750% notes due 2029, reopening of existing $450M series
- Net proceeds ~$162.1M after underwriting discount and expenses
- Proceeds for general corporate purposes, may repay commercial paper or term loan
- Notes are senior unsecured, no financial covenants, no listing on any exchange
- Total notes outstanding after offering: $615M
- Offering is not contingent on the pending $500M Intermex acquisition
- Filed 7 days after Q1 2026 earnings (revenue flat at $983M, GAAP EPS $0.20 vs $0.39 consensus)
Financial Impact
$162.1 million net proceeds, increasing total debt by that amount; no dilution to equity holders
Risk Factors
- Increased leverage from additional $165M debt
- Pending Intermex acquisition may not close or may underperform
- Q1 EPS miss signals underlying margin pressure and higher expenses
- No active trading market for the notes may limit liquidity
- Credit rating downgrade could trigger higher interest rate on notes
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-201744 |
| Document: d112742dexfilingfees.htm | 0001193125-26-201744 |
| Document: 0001193125-26-201744-index-headers.html | 0001193125-26-201744 |
| Document: 0001193125-26-201744-index.html | 0001193125-26-201744 |
| Document: 0001193125-26-201744.txt | 0001193125-26-201744 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 1, 2026
6w ago
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424B5
| $9.18 $8.15 | ▼ −11.22% | ▼ −16.87% | $7.55 (−17.76%) |
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Apr 28, 2026
6w ago
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Insider Cluster
| $8.94 $8.25 | ▼ −7.72% | ▼ −13.19% | $7.55 (−15.55%) |
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Apr 24, 2026
7w ago
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8-K
| $8.90 $8.50 | ▲ +4.49% | ▲ +8.52% | $7.55 (+15.17%) |
US Market Status
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