VirtusInvestment Partners Inc. entered into a new credit agreement thatreplaced its current $75.0 million secured credit agreement, which wasscheduled to mature in September 2017.
The new unsecured facility has a five-year term and capacityof $150.0 million, with a provision for a $50.0 million increase, conditionedon approval by the lending group, that would bring the total capacity to $200.0million.
As of Sept. 30, Virtus had no borrowings outstanding underthe credit agreement and no other outstanding debt.
Additionally, the new agreement provides financing at avariable interest rate tied to standard benchmark rates and has a customary setof covenants.
The lending group is led by Bank of New York Mellon asadministrative agent, issuing bank and joint lead arranger, and PNC Bank NA assyndication agent and joint lead arranger. Other participating lenders areBarclays Bank PLC, JP Morgan Chase Bank NA and Morgan Stanley Bank NA.