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Virtu Financial, Inc. (NASDAQ:VIRT) ("Virtu") announced today that its subsidiaries, VFH Parent LLC (the "Issuer") and Valor Co-Issuer, Inc. (the "Co-Issuer" and, together with the Issuer, the "Issuers"), intend to offer (the "Offering") $500 million aggregate principal amount of senior first lien notes due 2031 (the "notes") in an opportunistic private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The notes will be fully and unconditionally guaranteed on a senior secured first-lien basis by Virtu Financial LLC ("Virtu Financial") and each of Virtu Financial's existing and future wholly owned domestic subsidiaries (other than the Issuers) that guarantee, or are borrowers under, the Issuer's senior secured first lien credit facilities. The Offering remains subject to market and other customary conditions. The Issuers intend to use the proceeds of the Offering to repay $500 million aggregate principal amount outstanding under the Issuer's existing senior secured first lien term loan facility (the "existing term loan facility").
Concurrently with the consummation of the Offering, the Issuer intends to amend its existing credit agreement to (i) provide for a $1,245 million senior secured first lien term loan facility (the "new term loan facility"), (ii) increase the commitments under its existing senior secured first lien revolving credit facility to $300 million and extend the maturity thereof (the "extended revolving credit facility" and, together with the new term loan facility, the "amended credit facilities") and (iii) amend certain other provisions of its existing credit agreement. If the closing of the amended credit facilities is successfully consummated, the Issuer intends to use the proceeds from the new term loan facility to repay all remaining amounts outstanding under the existing term loan facility. The Issuer intends to use cash on hand to pay discounts, fees, commissions and expenses of the Offering, the closing of the amended credit facilities and the refinancing of the existing term loan facility. The closing of the amended credit facilities remains subject to market and other customary conditions. The consummation of the Offering is not contingent upon the closing of the amended credit facilities. The closing of the amended credit facilities is not contingent upon the consummation of the Offering.
Posted In: VIRT
