Leucadia’s loan to FXCM: $144.7 million repaid, $192.7 million outstanding at year-end


Leucadia National Corp. (NYSE:LUK), which provided FXCM Inc (NYSE:FXCM) with a $300 million loan in January 2015, following the “Black Thursday” events associated with the Swiss franc spike, on Friday published its report for the year to December 31, 2015.

The report provides details on the status of the loan repayment, as well as on how Leucadia’s investment in FXCM is paying off. Of course, we have been curious to see whether there is any progress on a possible renegotiation of the terms of the credit agreement, as indicated by FXCM in its surprising December 2015 announcement. Let’s also note a more recent announcement from FXCM about pushing the target deadline  for the repayment of its debt to Leucadia from the first to the second quarter of 2016…

Highlights from Leucadia’s report regarding FXCM

  • During the year ended December 31, 2015, Leucadia received $144.7 million of principal, interest and fees from FXCM and $192.7 million remained outstanding under the credit agreement as of December 31, 2015.
  • Leucadia and FXCM have discussed restructuring the variable portion of distributions, but there can be no assurances that an agreement will be reached.

  • During 2015, Leucadia recognized $491.3 million of unrealized and realized gains from its FXCM investment, including the component related to interest income, which is recorded within Leucadia’s Principal transactions revenues.
  • The total amount of Leucadia’s investment in FXCM at December 31, 2015 is $625.7 million.
  • Leucadia’s maximum exposure to loss as a result of its involvement with FXCM is limited to the carrying value of its investment (the $625.7 million figure just mentioned).

fxcm_leuc_inside

You can view the full report from Leucadia by clicking here.

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Leucadia's loan to FXCM: $144.7 million repaid, $192.7 million outstanding at year-end

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