KCG Holdings makes $100 million paydown under first-lien term loan

By Jennifer Chiou

New York, Jan. 22 - KCG Holdings, Inc. announced that it has paid down a further $100 million under its first-lien term loan, bringing the total to $400 million of repayments under its $535 million credit facility.

As reported, KCG entered into the credit facility on July 1, 2013 to fund the acquisition of Knight Capital Group, Inc.

"Given the progress achieved to date in the integration, we continue to pay down debt ahead of schedule," chief financial officer Steve Bisgay said in a press release.

"The total payments to date significantly reduce the interest expense going forward and will provide added flexibility in terms of deploying future liquidity."

The $100 million was sourced from excess liquidity released as a result of the consolidation of KCG's U.S. broker-dealer subsidiaries, according to the release.

Under the terms of the credit facility, an amortization payment of $235 million is due on July 1, followed by amortization payments of $7.5 million each quarter beginning on Sept. 30, 2014 until maturity on Dec. 5, 2017.

KCG is a Jersey City, N.J.-based financial services firm.

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