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Virtu Financial seeking transaction to reprice term loan

Virtu Financial Inc. has commenced marketing for a repricing transaction of its first-lien senior secured term loan facility as part of its efforts to cut debt and modify its capital structure.

In connection with this, the company notified its lenders that it will prepay an additional $74 million in principal of the loan facility.

The additional payment will bring Virtu's total loan facility payment following its acquisition of KCG Holding to $750 million and reduce the loan facility's outstanding balance to $400 million from $1.15 billion. The company's current term loan facility is priced at libor plus 3.25%.