DRW Holdings readies launch of $500 million term loan for Tuesday

By Sara Rosenberg

New York, Feb. 8 – DRW Holdings LLC is set to hold a lender call at 10:30 a.m. ET on Tuesday to launch a $500 million seven-year first-lien term loan, according to a market source.

Jefferies LLC is the lead arranger on the deal.

The term loan has minimum capital ratio and minimum trading capital ratio covenants, the source said.

Proceeds will be used to refinance the company’s existing $297 million senior secured first-lien term loan issued in 2019, expand its trading capital and pay related fees and expenses.

DRW is a technology-driven electronic trading firm.

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