Virtu Financial expands its short-term borrowing capacity
Source: FinanceFeeds
- Entry into a $300 million 180-day committed credit facility with an affiliate of Virtu’s Founder and Chairman Emeritus, Mr Vincent Viola, together with a warrant agreement for the issuance of up to 10 million warrants to purchase Class A common shares of Virtu at a strike price to be calculated based on the Company’s stock price over a two week period following the publication of the Company’s first quarter results in May. Three million warrants are issuable at closing, with the balance issued following a draw of $100 million or more.
- Amendment of its existing syndicated broker-dealer credit facility, increasing borrowing limits for clearing house margin by $150 million through June 30, 2020.
- Trading Income, net between $489 and $497 million;
- Adjusted Net Trading Income between $509 and $519 million;
- Average Daily Adjusted Net Trading Income between $9.43 and $9.61 million per day.
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