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S&P rates Virtu loan B+
S&P said it assigned a B+ rating on VFH Parent LLC's new $1.5 billion senior secured term loan B and its $50 million revolving facility.
VFH is issuing debt for Virtu Financial Inc., the agency said.
The proceeds will be used to fund its $1 billion acquisition of Investment Technology Group Inc. (ITG), which the company announced in November.
The proceeds will also be used to refinance its current $400 million term loan outstanding.
S&P said it views the acquisition as a positive development, but also believes the springing maturity feature on the new facilities potentially increases liquidity risk, if VFH doesn't refinance the second-lien notes well beforehand.
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