MarketAxess extends loan to 2020, revises financial covenants

By Sarah Lizee

Olympia, Wash., Oct. 17 – MarketAxess Holdings Inc. amended credit agreement with JPMorgan Chase Bank, NA as administrative agent on Monday to extend the maturity date to Oct. 19, 2020, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also removed the consolidated interest coverage financial covenant and added a regulatory net capital financial covenant.

Under the new financial covenant, the company will not permit the monthly regulatory net capital of certain subsidiaries to be less than the amount that is 25% greater than the amount required to meet all net capital requirements imposed by any applicable regulatory authority.

All other terms of the credit agreement are the same.

As before, under the credit agreement, JPMorgan is committed to lend up to $100 million, including the issuance of letters of credit under the revolver.

At amendment close, the company had $1 million in letters of credit outstanding and $99 million in available borrowing capacity under the facility.

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

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