Virtu makes $188m prepayment towards its term loan

Maria Nikolova

The debt prepayment was funded with excess cash generated from strong results in the first quarter.

Virtu Financial Inc (NASDAQ:VIRT) today announces that it has made a prepayment of approximately $188 million in principal towards its senior secured first lien term loan.

As a result of this prepayment, Virtu reduced its outstanding principal amount to $1.769 billion as of May 15, 2020. This loan matures in March 2026.

The debt prepayment was funded with excess cash generated from strong results in the first quarter, and will save approximately $7.3 million in annual interest expense.

Let’s recall that, as FinanceFeeds has reported, Virtu marked a steep increase in revenues in the first quarter of 2020. Total revenues for the first three months of 2020 increased 176.6% from a year ago to $1,004.1 million on the back of heightened levels of volatility, bid-ask spreads and trading volumes across global markets and asset classes due to the COVID-19 pandemic.

Trading income, net, increased 211.6% to $802.5 million for the first quarter fo 2020, compared to $257.5 million for the same period in 2019. Net income totaled $388.2 million for the first quarter of 2020, compared to a net loss of $13.6 million in the prior year quarter, which included costs related to the ITG acquisition.

Basic and diluted earnings per share amounted to $1.80 in the first quarter of 2020, compared to a loss per share of $0.07 for the same period in 2019.

Read this next


BlockDAG Targets 20,000x ROI, Excels Beyond Litecoin’s Rise, and Enhances Ethereum Layer 2 Activity

Explore BlockDAG’s promising 20,000X ROI as it leads, with significant developments in Ethereum Layer 2 and a surge in Litecoin’s value post-Dencun upgrade.

Digital Assets

Hong Kong regulators approve spot Bitcoin and Ether ETFs

Hong Kong-based asset managers received approval from regulators on Monday to launch spot Bitcoin and Ether ETFs.

Digital Assets

Vitalik Buterin backs Railgun with $350K, RAIL price triples

Privacy cryptocurrency Railgun (RAIL) skyrocketed over 250% following a positive comment from Ethereum co-founder Vitalik Buterin.

Digital Assets

Uniswap hits $2 trillion in trading volume ahead of SEC’s lawsuit

Decentralized finance (DeFi) exchange Uniswap crossed $2 trillion in total trading volume despite escalating competition from other networks and regulatory setback.


BlockDAG’s $17.3M Presale Success Elevates Security Beyond Ethereum Classic Value and Fantom Trends

Explore how BlockDAG’s advanced security with batch 9 entry and $17.3M raised outshines Ethereum Classic value and Fantom’s market moves.

Institutional FX

Finalto secures two prestigious awards at iFX EXPO LATAM 2024

Trading software and liquidity services provider Finalto received two accolades at the iFX EXPO LATAM 2024 held in Mexico City earlier this month.


SEABW Turns the Spotlight on Southeast Asia’s Flourishing Web3 Landscape With Over 40 Side Events and an All-encompassing Agenda

Southeast Asia Blockchain Week (SEABW), a premier blockchain conference exploring the evolving landscape of Web3 in the Southeast Asia region, is proud to announce that there will be over 40 side events, web3 meetups, workshops, and social gatherings.

Digital Assets

Landesbank Baden-Württemberg to offer crypto custody

Germany’s largest federal bank, Landsbanki Baden-Württemberg (LBBW), partnered with Austrian-based Bitpanda to provide “investment-as-a-service” infrastructure for cryptocurrencies. The new service will offer institutional and corporate clients the ability to store and procure digital assets such as bitcoin and ether.

Digital Assets

VALR Secures Regulatory Licenses from FSCA as a Leading Crypto Asset Service Provider in South Africa

VALR, the prominent crypto exchange backed by Pantera Capital and based in Johannesburg, has achieved a significant regulatory milestone by obtaining both a Category I and Category II license from the Financial Sector Conduct Authority (FSCA) of South Africa.