Virtu Financial to launch $405 million term loan on Monday afternoon

By Sara Rosenberg

New York, Oct. 25 - Virtu Financial (VFH Parent LLC) is scheduled to hold a conference call at 1 p.m. ET on Monday to launch a $405 million six-year first-lien term loan, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Price talk on the loan is Libor plus 450 basis points with a step-down to Libor plus 400 bps at the later of Feb. 5, 2014 and an initial public offering resulting in at least $100 million of proceeds, the source said.

The loan is also talked with a 1.25% Libor floor and an original issue discount of 991/2.

There is 101 soft call protection for one year, the source said.

Covenants include a maximum net leverage ratio and a minimum interest coverage ratio.

Proceeds will be used to refinance an existing term loan.

Commitments are due on Nov. 4, the source added.

Virtu is a New York-based electronic market maker and financial technology developer.

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