Refco Inc. Prices Its Initial Public Offering at $22.00 Per Share

NEW YORK, Aug. 11  /PRNewswire-FirstCall/ -- Refco Inc. (NYSE:RFX), a diversified financial services company, today announced that it has priced its initial public offering of 26,500,000 shares of common stock at $22.00 per share.  The company is selling 12,500,000 shares, and 14,000,000 shares will be sold by existing stockholders.  Refco has granted the underwriters an option to purchase from Refco within the next thirty days up to an additional 3,975,000 shares at the initial public offering price to cover over-allotments, if any.

Refco's common stock is scheduled to commence trading on August 11, 2005 on the New York Stock Exchange under the symbol RFX.

Proceeds from the shares sold by Refco will be used to redeem outstanding indebtedness and for general corporate purposes.  Any proceeds from the exercise of the underwriters' over-allotment option will be paid as a dividend to Refco's stockholders of record prior to the offering.

Credit Suisse First Boston LLC, Goldman, Sachs & Co. and Banc of America Securities LLC are the joint book-running managers for the IPO.  Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Sandler O'Neill & Partners, L.P. and HSBC Securities (USA) Inc. are the co-managers.

A copy of the final prospectus relating to the offering may be obtained from: Credit Suisse First Boston LLC, Prospectus Department, Eleven Madison Avenue, New York, NY 10010 (212-325-2580); Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, NY 10004 (212-902-1171); and Banc of America Securities LLC, Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, NY 10001 (646-733-4166).

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission.  This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Refco is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London, Paris and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives.

http://www.refco.com/ 

DATASOURCE: Refco Inc.



CONTACT:  Roger Ma for Refco Inc., [phone], ; or

Robert Solomon of Rubenstein Associates, 1-212-843-8050,

 



Web site:  http://www.refco.com/ 

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