Virtu Financial Closes $1.745 Billion Refinancing

Paul, Weiss advised Virtu Financial, Inc., a leading provider of financial services and products, in the $500 million private offering of 7.50% senior first lien notes due 2031 by two of its subsidiaries. The notes are guaranteed by certain domestic subsidiaries of Virtu that guarantee or are borrowers under its credit facilities.

Simultaneously, a subsidiary of Virtu amended its credit facilities to provide for a new $1.245 billion term loan due 2031, and increase the size of its revolving credit facility to $300 million and extend its maturity by three years. Virtu used the proceeds of the notes offering and the new term loan to refinance all outstanding term loans under its credit facilities.

The offering was led by J.P. Morgan, Goldman Sachs & Co. LLC, RBC Capital Markets, BofA Securities, Barclays and Jefferies.

The Paul, Weiss team included corporate partners John Kennedy, Christodoulos Kaoutzanis, Thomas de la Bastide and Stephen Koo, and counsel Marc Shepsman and Lyudmila Bondarenko; tax partner Brian Grieve and counsel Samir Kurani; intellectual property partner Claudine Meredith-Goujon; executive compensation counsel Jake Glazeski; environmental counsel William O’Brien; and litigation partner Andrew Gordon and counsel Steven Herzog.