Virtus adds five years in extension of $30 million credit agreement

By Toni Weeks

San Diego, Sept. 10 - Virtus Investment Partners, Inc. announced it has amended its existing $30 million credit agreement to extend the term by five years, increase the capacity and lower the pricing.

According to a press release, the amended million facility now has a maximum available credit limit of $75 million for the full term and provides for a $50 million accordion feature, subject to approval by the lending group. The company's current $30 million facility was established in 2009 and amended in 2010.

The agreement also provides a lower interest rate that is tied to standard benchmark rates as well as revisions of some debt covenants to add operating flexibility.

At closing, Virtus noted it had $15 million outstanding on the facility and did not intend to increase its outstanding debt at this time.

BNY Mellon is the administrative agent for the facility, and PNC Bank, NA is the syndication agent. Citibank, NA and Royal Bank of Canada are additional lenders.

The investment manager is based in Hartford.

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