Virtu Financial Announces Additional $50 Million Repayment and Commences Marketing of Repricing Transaction
November 29 2017 - 7:00AM
Virtu Financial, Inc. (NASDAQ:VIRT) (the “Company”), a leading
technology-enabled market maker and liquidity provider to the
global financial markets, today announced further actions to reduce
debt and modify its capital structure.
Virtu provided notice to its lenders that it will prepay an
additional $50 million in principal on its existing 1st Lien Senior
Secured Term Loan Facility (the “TL”) on Friday, December 1,
2017. The payment will bring Virtu’s total TL prepayments
subsequent to its acquisition of KCG Holdings, Inc. (the
“Acquisition”) on July 20, 2017 to $250 million, or 57% of the $440
million Virtu previously indicated it could repay within two years
of the Acquisition.
Additionally, Virtu anticipates applying to the TL estimated
after-tax net proceeds of $250 million from the sale of its
BondPoint business, which would bring its cumulative total
prepayments since the Acquisition to $500 million and reduce the
outstanding balance of the TL to $650 million from its original
amount of $1,150 million.
Concurrently, Virtu has commenced marketing for a repricing
transaction reflecting a reduced TL balance of $650 million.
Virtu’s existing TL is priced at L+375.
About Virtu Financial, Inc.
Virtu is a leading financial firm that leverages
cutting edge technology to deliver liquidity to the global markets
and innovative, transparent trading solutions to our clients. As a
market maker, Virtu provides deep liquidity that helps to create
more efficient markets around the world. Our market structure
expertise, broad diversification, and execution technology enables
us to provide competitive bids and offers in over 19,000
securities, at over 235 venues, in 36 countries worldwide.
Cautionary Note Regarding
Forward-Looking Statements The foregoing information and
certain oral statements made from time to time by representatives
of the Company contain certain forward-looking statements that
reflect the company's current views with respect to certain current
and future events and financial performance, including with respect
to integration of KCG, synergy realization, and the Company’s
ability to timely and successfully consummate the sale of the
BondPoint business. These forward-looking statements are and will
be, as the case may be, subject to many risks, uncertainties and
factors relating to the Company's operations and business
environment which may cause the company's actual results to be
materially different from any future results, expressed or implied,
in these forward-looking statements. Any forward-looking statements
in this release are based upon information available to the company
on the date of this release. The Company does not undertake to
publicly update or revise its forward-looking statements even if
experience or future changes make it clear that any statements
expressed or implied therein will not be realized. Additional
information on risk factors that could potentially affect the
Company's financial results may be found in the Company's filings
with the Securities and Exchange Commission.
CONTACT
Investor RelationsAndrew SmithVirtu Financial,
Inc.(212) 418-0195investor_relations@virtu.com
Media Relationsmedia@virtu.com
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