Virtu Financial launches $320 million term loan at Libor plus 500 bps

By Sara Rosenberg

New York, June 15 - Virtu Financial Inc. launched its $320 million term loan on Wednesday at talk of Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Barclays Capital Inc. are the joint lead arrangers and bookrunners on the deal.

Commitments are due on June 28.

Proceeds will be used to help fund the company's merger with Madison Tyler Holdings LLC.

And in connection with the merger, Virtu will receive a strategic growth investment from Silver Lake.

Virtu is a New York-based electronic market maker and financial technology developer. Madison Tyler is a Los Angeles-based market maker and electronic trading firm.

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