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Fitch rates Virtu units’ notes BB-
Fitch Ratings said it assigned an expected senior secured debt rating of BB- to the notes co-issued by VFH Parent LLC and Orchestra Co-Issuer, Inc., which are debt issuing subsidiaries of Virtu Financial LLC.
Fitch also assigned Orchestra a long-term issuer default rating of BB-.
The outlook is negative.
Orchestra and VFH expect to co-issue a $525 million seven-year senior secured first-lien notes. Proceeds from the issuance are expected to be used to refinance an existing $500 million senior secured second-lien notes due in 2022 and pay about $27 million in early redemption costs, making the current transaction largely leverage-neutral for Virtu, Fitch said.
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