Due to regulatory requirements and consumer demand in Germany and France, MoneyGram opened company stores in both countries. Since going public two and a half years ago, MoneyGram has made great strides by pouring energy and resources into several critically important areas for business. As part of the 2008 Recapitalization, our wholly owned subsidiary, MoneyGram Payment Systems Worldwide, Inc., issued Goldman Sachs $500.0 million of senior secured second lien notes with a 10-year maturity. The Global Funds Transfer segment is the primary segment of MoneyGram, providing money transfer and bill payment services to consumers, who are often unbanked or underbanked. MoneyGram financial results were driven by money transfer business, which delivered more than 40 percent growth in transaction volume.