FXCM locks up $75 million three-year revolving loans via Merrill Lynch

By Susanna Moon

Chicago, Dec. 20 - FXCM Holdings, LLC entered into a credit agreement Monday for a $75 million three-year revolving credit facility with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility may be increased by up to $75 million for a total size of up to $150 million.

Interest will be Libor plus 175 basis points to 250 bps, based on leverage. The commitment fee is 25 bps to 40 bps.

Bank of America Merrill Lynch is the bookrunner.

The facility matures on Dec. 19, 2014 and is guaranteed by some subsidiaries of the company and is secured by a pledge of all of the equity interests in some of the company's domestic subsidiaries and 65% of the voting equity interests in certain of its foreign subsidiaries.

Covenants include those relating to consolidated leverage ratio, excess net capital requirements, and net unhedged exposure. The agreement also contains limitations on liens, investments, payments, fundamental changes, dispositions, the incurrence of debt and transactions with affiliates.

The company is a minority owned, controlled and consolidated subsidiary of FXCM Inc. FXCM Holdings is an online provider of foreign exchange, trading and related services and is based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.