Virtus Investment Partners, a Massachusetts-based provider of investment management products and services, has closed on a new senior secured revolving credit facility for an initial aggregate amount of $30 million. Additionally, the company has closed its previously outstanding debt of $18 million using $15 million under the new credit facility and $3 million of its cash resources.
Reportedly, the $30 million facility, the commitment for which was previously disclosed in Virtus’ second quarter earnings report, has a term of two years, with the amount available reducing to $18 million in the second year. Virtus has said that the facility will have a variable interest rate bench marked
to standard market indices.
The company has added that BNY Mellon, as lead arranger and administrative agent, together with PNC Bank, National Association, constitute the lending group.
Michael Angerthal, executive vice president and chief financial officer, Virtus Investment Partners, said: “With its larger capacity and longer term, this new facility increases our financial flexibility, improves our working capital position and, at current interest rates, provides lower borrowing costs to the company.”
