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Screenshot of a breaking news alert e-mail from Q2 2017
The consolidation seems to be paying off for the company way ahead of schedule
The company resulting from the merger between Knight Capital and Getco, KCG Holdings, has released a press release outlining the completion of another $100 million principal repayment of its lien term loan under the company’s credit facility. The announcement comes just over a month after KCG repaid another $100 million batch.
So far KCG has completed $400 million in repayments of the loan it received back in July 2013. The transaction leaves the remaining outstanding balance at $135 million which the company has to pay back by July 2014. Apparently the consolidation of KCG’s US broker-dealer operations Knight Capital Americas and GETCO has freed up a substantial amount of liquidity.
Company’s CFO Steve Bisgay said that the ongoing debt repayment remains a priority and on top of reduced interest expenses it brings the company the flexibility to deploy future liquidity when necessary. Could he be hinting at such action in the near term? Might be the case, LeapRate will keep a close eye on the company’s new projects.
For the full press release visit KCG Group’s website.