Virtu Financial, Inc. (NASDAQ:VIRT), a technology-enabled market maker and liquidity provider to the global financial markets, today announced the completion of a repricing transaction of its 1st Lien Senior Secured Term Loan along with a principal prepayment of $276 from the proceeds of its previously announced sale of BondPoint to Intercontinental Exchange (NASDAQ:ICE).
Following the prepayment and the amendment, the total balance of the Company’s senior secured term loan will be reduced to $624 million, which reflects cumulative total prepayments of $526 million since the Company’s acquisition of KCG Holdings, Inc. on July 20, 2017. The repriced term loan will bear interest at LIBOR + 325 bps, reflecting a reduction of 50 bps compared to its prior rate.
The sale of BondPoint and the term loan prepayment and repricing are consistent with our previously stated objectives of reducing leverage and focusing on our core businesses,” said Virtu CEO Douglas A. Cifu. “These transactions improve our capital structure following the KCG merger while enhancing our operational flexibility.