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Fitch sees rating Virtu unit loans BB-
Fitch Ratings said it assigned expected BB- senior secured debt ratings to the upcoming $1.8 billion seven-year senior secured first-lien term loan borrowing and the new $250 million revolving credit facility issued by VFH Parent LLC, a wholly-owned debt-issuance subsidiary of Virtu Financial LLC.
“The expected secured term loan and revolving credit facility ratings assigned to VFH are equalized with Virtu's issuer default rating (IDR), based on an unconditional guarantee and Fitch's expectation for average recovery prospects for the instruments,” the agency said in a press release.
The term loan proceeds are expected to be deployed to refinance the $1.6 billion senior secured term loan, with an incremental $200 million borrowing to be used for share repurchases and for general corporate purposes. The three-year $250 million credit facility is expected to be unfunded at closing.
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