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GAIN Capital Holdings terminates credit agreement

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GAIN Capital Holdings terminates credit agreement

GAIN Capital Holdings Inc. terminated a credit agreement, dated Aug. 2, 2017, which provided the company with a $50 million senior secured first lien revolving credit facility.

The company on Jan. 2 delivered a written notice to Barclays Bank PLC, for the termination of the agreement entered into among the company; the bank, which acted as administrative agent, collateral agent, arranger and documentation agent; Sterling National Bank as joint book runner; and the other lenders party thereto.

There are no outstanding amounts under the facility and no penalties were incurred by the company as a result of the early termination.

Although the company is in compliance with the covenants under the agreement, it is not allowed to draw under the facility due to the terms of its financial covenants, according to a filing.

In light of this, coupled with the company's lack of significant use of the facility and its upcoming expiration in August, the company has decided to terminate the facility for cost management reasons.