Virtu Financial to price $825 million five-year second-lien notes during May 29 week

By Paul A. Harris

Portland, Ore., May 24 – Virtu Financial Inc. plans to price an $825 million offering of five-year senior secured second-lien notes (B1//B+) during the week ahead, at the conclusion of an investor roadshow, according to market source.

J.P. Morgan Securities LLC is leading the deal.

The company is also raising $825 million in the bank loan market by means of a term loan, which launched on Wednesday.

The issuing entities for the bonds will be subsidiaries Orchestra Borrower LLC and Orchestra Co-Issuer, Inc.

Proceeds will be used to help fund the acquisition of KCG Holdings Inc. for $20.00 per KCG share, or a total of about $1.4 billion, and to refinance existing debt at Virtu and KCG.

Virtu is a New York-based technology-enabled market maker and liquidity provider to the financial markets. KCG is a New York-based independent securities firm.

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