Virtu tightens $525 million incremental term loan OID to 99.875

By Sara Rosenberg

New York, Sept. 16 – Virtu Financial LLC (VFH Parent LLC) modified the original issue discount on its fungible $525 million incremental senior secured first-lien term loan (//BB-) due March 1, 2026 to 99.875 from 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 350 basis points with a 0% Libor floor, in line with existing term loan pricing.

The term loan debt has 101 soft call protection that expires March 2020.

Jefferies LLC is the lead arranger on the deal.

Recommitments were scheduled to be due at noon ET on Monday, the source said.

Proceeds will be used to redeem second-lien notes due 2022.

Amendment consents were due at noon ET on Friday, and the amendment was passed by lenders, the source added.

Consenting lenders will receive a 5 bps consent fee.

Virtu is a New York-based financial services firm that leverages cutting edge technology to deliver liquidity to the markets and innovative, transparent trading solutions.

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