Latham Advises on Virtu Financial, Inc.’s Opportunistic Refinancings

Virtu Financial, Inc. (Nasdaq: VIRT), a leading financial services firm, has announced that its subsidiaries, VFH Parent LLC and Valor Co-Issuer, Inc., have successfully completed their previously announced private offering of US$500 million aggregate principal amount of their 7.50% senior first lien notes due 2031 and entry into new senior secured first lien credit facilities consisting of (i) a US$1.245 billion senior secured first lien term loan facility due 2031 and (ii) a US$300 million senior secured first lien revolving credit facility available through 2027. The new term loans will bear interest at a rate per annum equal to Term SOFR plus 2.75%, an improvement from the previous Term SOFR plus 3.00%. The proceeds of the senior secured notes offering and the new term loans were used to repay all amounts outstanding under, and refinance, VFH Parent LLC’s existing term loan facility.

Latham & Watkins LLP represented the initial purchasers in the senior secured notes offering and the arrangers in the new senior secured first lien credit facilities with a capital markets team led by New York partners Erika Weinberg and Corey Wright, with associates Sara Johnson, Alexandra Gulino, and Rachel Moore, and a banking team led by New York partners Corey Wright and Lisa Collier and counsel Kelly Egers, with associates Helen Liu and Victoria Basedow. Advice was also provided on tax matters by partner Jiyeon Lee-Lim, with associate Joe Marcus.