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Virtus Investment Partners enters credit agreement


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Virtus Investment Partners enters credit agreement

Virtus Investment Partners Inc. on June 1 entered into a credit agreement to help fund the RidgeWorth Investments acquisition.

The agreement provides Virtus a $260.0 million term loan for seven years, plus a $100.0 million revolving credit facility for five years. The term loan, and any additional ones the company might request, will amortize at 1.00% per annum.

The loans must be prepaid with up to 50% of Virtus' cash flow on an annual basis, depending on its secured net leverage ratio. They must also be prepaid with the proceeds of certain asset sales, casualty or condemnation events, as well as the proceeds of any indebtedness other than those allowed by the agreement.

The June 1 agreement replaces a Sept. 30, 2016, credit agreement.