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Moody's assigns BATS facilities B1
Moody's Investors Service said it assigned a B1 corporate family rating and B1 ratings to the new credit facilities arranged by BATS Global Markets Holdings Inc.
The rating outlook is stable, whereas the outlook on the existing credit facilities had been positive.
BATS is a new holding company formed to consummate the merger between BATS Global Markets Inc. (BGMI) and Direct Edge Holdings LLC. The new credit facilities consist of a $450 million six-year senior secured term loan and a $100 million three-year senior secured revolving credit facility.
Moody's said the B1 corporate family and senior debt ratings of BATS continue to reflect the sound strategic rationale for the merger. If executed successfully, BATS' merger with Direct Edge will create a major exchange operator with six primary execution platforms in the United States and Europe.
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