Virtu Financial readies launch of $400 million term loan for Monday

By Sara Rosenberg

New York, Sept. 7 – Virtu Financial Inc. is scheduled to hold a lender call on Monday to launch a $400 million first-lien senior secured term loan, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 275 basis points to 300 bps with a 1% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan down from Libor plus 325 bps with a 1% Libor floor, and the existing term loan is being paid down by $74 million to $400 million.

Commitments are due at 2 p.m. ET on Sept. 14, the source added.

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

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