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. Technology continues to play a key role in increasing MoneyGram transaction speed, automating and streamlining processes, and creating new functionality. The main clients of MoneyGram are students, travelers, immigrants, expatriates, however, recently representatives of businesses who appreciate the advantages of fast and reliable money transfer, joined them. 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. MoneyGram hired compliance officers in many of their global offices to ensure compliance with regulations of specific countries or regions. In March 2012, the company MoneyGram merged with the network of U.S. payment centers ZipZap.