| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tradeweb Markets LLC > News item |
TradeWeb obtains $500 million five-year replacement revolver
By Wendy Van Sickle
Columbus, Ohio, Nov. 21 – Tradeweb Markets LLC, a wholly owned subsidiary of Tradeweb Markets Inc., entered into a credit agreement on Nov. 21 that provides for a $500 million unsecured revolver with a $250 million accordion feature, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds may be used to fund ongoing working capital needs, for letters of credit and for general corporate purposes, including potential future acquisitions and expansions.
Borrowings may be in U.S. dollars, euros or pounds sterling.
There is a $5 million sublimit for letters of credit and a $50 million sublimit for swingline loans.
At closing, $500 million of letters of credit outstanding under the company’s existing credit agreement, which was terminated, were rolled over under the new credit agreement.
The maturity date is Nov. 21, 2028.
Borrowings bear interest at term SOFR plus a credit spread adjustment of 10 basis points plus a margin that will range from 125 bps to 175 bps, depending on consolidated net leverage ratio.
There is a commitment fee on unborrowed amounts of 25 bps.
The company must maintain a maximum total net leverage ratio tested as of the last day of each fiscal quarter not to exceed 3.5x (increasing to 4x for the four-quarter period following a material acquisition and the fiscal quarter in which such material acquisition is consummated) and a minimum cash interest coverage ratio tested as of the last day of each fiscal quarter not less than 3x.
Citibank, NA is the administrative agent.
Citigroup Global Markets Inc., JPMorgan Chase Bank, NA and Morgan Stanley Senior Funding, Inc. are the joint lead arrangers and bookrunners.
Based in New York, N.Y., Tradeweb is an international financial services company that builds and operates electronic over-the-counter marketplaces for trading fixed income products, ETFs and derivatives.
© 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.