Virtu Financial Stock Price, News & Analysis

Virtu Financial (Nasdaq: VIRT) will release its second-quarter 2024 financial results on July 18, 2024, before the US market opens.

A conference call to discuss these results will be hosted at 8:30 AM (EDT).

A live webcast of the call will be accessible via the Investor Relations section of Virtu's website and will also be archived for future reference.

This announcement provides an opportunity for investors to gain insights into the company's performance for the quarter.

Virtu Financial has announced the pricing of its $500 million senior notes at 7.50% due 2031 and allocated new senior secured first lien credit facilities, including a $1,245 million term loan and a $300 million revolving credit facility. These initiatives, set to close around June 21, 2024, aim to repay existing debt, lower interest expenses by approximately $2 million annually, and extend debt maturities. The new term loans offer a reduced interest rate of SOFR plus 2.75%. The notes will be guaranteed by Virtu Financial's subsidiaries and are being offered to qualified institutional buyers.

Virtu Financial announced an opportunistic private offering of $500 million in senior first lien notes due 2031. The offering, exempt from the Securities Act registration, is subject to market conditions. The proceeds will repay an existing $500 million term loan. Concurrently, Virtu intends to amend its credit agreement to establish a new $1.245 billion term loan and increase its revolving credit facility to $300 million. The notes will be guaranteed by Virtu Financial and its domestic subsidiaries. The offering and credit amendments are independent of each other.

Crestline Summit, a division of Crestline Investors, has appointed Brian Peller as its new Chief Operating Officer. Peller will oversee middle and back-office operations, legal and compliance, accounting, and technology functions. He brings significant experience from his previous roles at Alliance Bernstein, Hutchin Hill's QuantOne Group, and Virtu Financial (NASDAQ: VIRT).

Melinda Lilly, the former COO, will transition to the new role of Chief Administrative Officer, continuing her contributions to the company. Crestline Summit manages over $2.5 billion in assets and employs multiple investment strategies. This move underscores the firm's commitment to enhancing its operations and delivering quality returns to its investors.

Virtu Financial announced plans to hold investor meetings regarding a potential offering of senior secured first lien notes. The proceeds from these notes are intended to repay part of the company's existing term loan facility due in 2029. This transaction is exempt from the Securities Act of 1933 registration requirements and will not materially change Virtu's overall long-term debt. The company does not guarantee proceeding with the offering or the terms of the potential offering.

Virtu Financial congratulates Michelle Hosea, a Quantitative Strategist, for receiving the Rising Star Award at the Women in Finance Asia 2024 Awards. Michelle has been with Virtu for three years and has shown exceptional leadership on the quantitative and research development team in Asia. Her initiatives include strategy calibration and client technology demonstrations. Phil Chevalier, Co-Head of Virtu Execution Services APAC, praised her teamwork, positivity, and collaborative spirit. Additionally, Yuyi Zhang from Virtu was shortlisted for the same award, recognized for her technical skills and leadership potential. Virtu acknowledges the contributions of both Michelle and Yuyi to the company and the financial services industry.