MarketAxess amendment extends $100 million revolving facility to 2018

By Wendy Van Sickle

Columbus, Ohio, Oct. 24 – MarketAxess Holdings Inc. amended its amended and restated credit agreement with JPMorgan Chase Bank, NA as administrative agent on Oct. 19, extending its maturity date to Oct. 19, 2018, among other things, according to an 8-K filed with the Securities and Exchange Commission.

The credit agreement also has two one-year extension options.

The sublimit for letters of credit and swinline loans was also eliminated, and the required minimum amount of the company’s consolidated adjusted EBITDA was increased to $140 million.

JPMorgan is committed to lend up to $100 million including revolving credit facility borrowings and letters of credit. Currently, MarketAxess has no borrowings and letters of credit of about $870,000 outstanding under the credit facility.

Borrowings bear interest at Libor plus a margin of 150 basis points. The margin can range up to 225 bps, depending on the company’s consolidated total leverage ratio.

There is a commitment fee of 30 bps and a fronting fee on the average daily amount of letter of credit exposure of 12.5 bps per annum.

Proceeds are expected to be used for general corporate purposes.

MarketAxess is a New York-based provider of corporate-bond and other fixed-income trading platforms used by institutional investors.

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