Virtu Financial, Inc. (NASDAQ:VIRT), 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 has commenced marketing for a repricing transaction of its 1st Lien Senior Secured Term Loan Facility (the “TL”). In conjunction with the repricing transaction, Virtu has provided notice to its lenders that it will prepay an additional $74 million in principal of the TL.
The payment will bring Virtu’s total TL prepayments subsequent to its acquisition of KCG Holdings, Inc. on July 20, 2017 to $750 million and reduce the outstanding balance of the TL to $400 million from its original amount of $1,150 million.
Virtu’s existing TL is priced at L+325.