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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.

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