trending Market Intelligence /marketintelligence/en/news-insights/trending/2GHSNNA4uuODha1iQGI2KQ2 content esgSubNav
In This List

Investment Technology Group secures $150M revolving credit facility

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

Blog

Investment Banking Essentials Newsletter April Edition - 2022

Blog

Banking Essentials Newsletter April Edition - 2022


Investment Technology Group secures $150M revolving credit facility

Investment Technology Group Inc. entered a 364-day revolving credit agreement amounting to $150 million, with an option to expand to up to $225 million.

The facility carries interest at a rate equal to a base rate, determined by reference to the greatest of the federal funds rate, one-month LIBOR and the overnight bank funding rate, plus a margin of 2.50%. Available but unborrowed amounts are subject to an unused commitment fee of 0.75%.

The credit facility will provide liquidity for Investment Technology Group's U.S. brokerage operations to satisfy clearing margin requirements and to finance temporary positions from delivery failures or nonstandard settlements.

Investment Technology Group will be required to pay incremental interest at the rate of 2.0% in the event of nonpayment.

JPMorgan Chase Bank NA serves as administrative agent, and Bank of America NA and Bank of Montreal are the syndication agents.