Virtu Financial ups spread on $320 million loan to Libor plus 600 bps

By Sara Rosenberg

New York, July 7 - Virtu Financial Inc. increased pricing on its $320 million term loan to Libor plus 600 basis points from Libor plus 500 bps, according to a market source.

Also, the Libor floor widened to 1.5% from 1.25% and the original issue discount moved to 98 from 99, the source said.

And, 101 soft call protection for one year was added to the loan.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Barclays Capital Inc. are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to help fund the company's merger with Madison Tyler Holdings LLC.

In connection with the merger, Virtu will receive a strategic growth investment from Silver Lake.

Virtu is a New York-based electronic market maker and financial technology developer. Madison Tyler is a Los Angeles-based market maker and electronic trading firm.

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