On March 7, 2011, MoneyGram entered into a Recapitalization Agreement with THL, as the holder of all of the B Stock, and Goldman Sachs, as the holder of all of the B-1 Stock. In due time MoneyGram separated from the Western Union and became an independent brand. 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. MoneyGram - is an urgent money transfer by means of wired transfer around the world without opening a bank account. 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 benefits of money transfers by MoneyGram: the transfer is available in the system to obtain within 90 days. MoneyGram completed the rollout of simplified pricing for money transfer services in the U.S., an initiative that began last year.