Virtu Financial, Inc. Commences Marketing of Senior Secured First Lien Term Loan to Redeem Senior Secured Second Notes Due 2022
NEW YORK, Sept. 09, 2019 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT) (the “Company”) a leading provider of financial services and products that leverages cutting edge technology to deliver liquidity to the global markets and provide execution services and data, analytics and connectivity products, today announced that its subsidiaries commenced marketing of a $525.0 million senior secured first lien term loan (the “Term Loan”) due in 2026. The proceeds of the Term Loan will be used to redeem the senior secured second lien notes due 2022 (the “Existing Notes”) of VFH Parent LLC and Orchestra Co-Issuer, Inc. (together, the “Issuers”).
The Issuers also delivered a Conditional Notice of Redemption to holders of their outstanding Existing Notes, which provides for the redemption (the “Redemption”) by the Issuers of all outstanding Existing Notes on October 9, 2019, subject to, among other things, the Issuers or their affiliates consummating a debt financing transaction in an amount of at least $525.0 million (the “Debt Financing”) and the Issuers having received funds in connection with the Debt Financing, together with cash on hand, sufficient to repurchase the Existing Notes. The redemption price will be 103.375% of the principal amount of the Existing Notes and accrued and unpaid interest to the redemption date.
The Term Loan will be a senior secured first lien term loan incurred as an incremental term facility under our existing credit agreement and will be guaranteed by Virtu Financial LLC, a Delaware limited liability company, subsidiary of the Company, and certain of its subsidiaries.
This press release contains forward-looking statements. These forward-looking statements are subject to numerous uncertainties and factors relating to the Company’s operations and business environment, as well as uncertainties relating to the Term Loan. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.
Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.
Investor Relations and Media Contact: Andrew Smith Virtu Financial, Inc. (212) 418-0195 [email protected] [email protected]
Andreescu set to make millions in endorsements after U.S. Open victory
Tennis phenom Bianca Andreescu won US$3.85 million when she beat Serena Williams in the women’s final at the U.S. Open, but it’s likely that paycheque is only the beginning of million-dollar payouts from future sponsorship deals.
Being the first Canadian Grand Slam singles champion — at age 19, no less — is notable, but the real story is Andreescu’s meteoric rise, said Cary Kaplan, president of marketing firm Cosmos Sports & Entertainment.
“A year ago, she didn’t exist as a tennis player of any consequence,” he said.
The week of Sept. 10, 2018, Andreescu ranked 210th in the world for singles tennis, according to The Women’s Tennis Association. This week, she’s fifth.
“A month ago, if someone was calling and offering her a million dollars it would have been so important,” Kaplan said.
In fact, earlier this year, Andreescu signed a sponsorship deal worth about $50,000 with Copper Branch, a plant-based eatery chain with more than 50 locations mostly across Ontario and Quebec.
But with her U.S. Open victory in hand, her financial situation allows her to take her time and determine what brands the young star wants to associate herself with.
Andrew Infantino, marketing director at Copper Branch, says the chain signed her after searching for an up-and-coming athlete from Ontario and believed a tennis player would be a good fit considering their season would be coming up in the summer.
The Copper Branch contract ends in early 2020, but the eatery hopes to extend it or sign a new one.
Until it runs out, Copper Branch plans to continue using her image on menu boards and its website, but also wants to ramp up the connection between Andreescu and the chain.
It may place lifesize cutouts of the tennis star in its stores and may add an Andreescu-themed menu item, Infantino said.
Kaplan — who is not affiliated with Andreescu — said the Mississauga, Ont., teen seems to embody the Canadian identity well and that’s one of the things fans and brands likely love about her.
Some noted her quintessentially Canadian response to winning the final match when Andreescu apologized to the stadium crowd for beating Williams.
Kaplan said she will likely consider what brands best represent her image, adding Tim Hortons and Canadian Tire spring to mind as natural fits. Canada’s major grocers and even some of the country’s banks may vie for a piece of Andreescu, he said.
In some categories, Andreescu won’t have the option to choose a homegrown brand, he said, and will affiliate with an international brand.
Still, Kaplan hopes she maintains relationships with her initial sponsors following her rise to fame and grandfathers in companies like Copper Branch, which endorsed her at the beginning.
Copper Branch, naturally, echoed that sentiment.
Infantino is sure Andreescu will ask for more money at the renegotiating table and he’s not certain if the company will be able to afford her going forward.
“But we’re also hoping that since we were one of the first, potentially we could get maybe an offer that’s similar to what we have,” he said.
“But I guess that we’ll have to see.”
Aleksandra Sagan, The Canadian Press Latest