Virtus Investment Partners Completes Debt Refinancing

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HARTFORD, Connecticut., September 28, 2021 / PRNewswire / – Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-store asset management business, today announced that it has completed the refinancing of its existing credit agreement with a new $ 275 million senior secured term loan and $ 175 million Revolving credit facility. Refinancing lengthens a company’s debt maturity profile and provides improved terms.

New $ 275 million The term loan is due in 2028 and bears interest at the LIBOR rate plus 225 basis points, with no LIBOR floor. The previous term loan had an increased LIBOR rate of 225 to 250 basis points, depending on net debt levels, and a LIBOR floor of 75 basis points. The proceeds will be used to repay the company’s existing funds $ 194 million term loan, as well as for general corporate purposes.

The new line of credit, which bears interest at the same rate as the term loan, offers up to $ 175 million borrowing capacity until 2026 and replaces a $ 100 million Revolving credit facility.

“We are delighted to complete the refinancing, which lowers our cost of capital and improves our financial flexibility over an extended period,” said CFO Michel A. Angerthal. “With an improved capital position and strong free cash flow, we continue to prioritize investing in growing the business, returning capital to shareholders and maintaining appropriate debt levels. “

The term loan was arranged by Morgan Stanley as principal arranger and bookrunner. In addition, Barclays Bank, RBC Capital Markets, Bank of America and JP Morgan acted as Principal Arrangers and Associate Bookkeepers.

The credit facility was arranged by Morgan Stanley as principal arranger and administrative agent, Barclays Bank and RBC Capital Markets as syndication agents, and The Bank of New York Mellon as documentation agent. The other lenders participating in the syndicate were Bank of America and JP Morgan.

About Virtus Investment Partners, Inc.
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers uniquely committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and selected sub-advisors, each with a distinct investment style, stand-alone investment process and individual brand. Virtus Investment Partners provides access to a variety of investment styles across multiple disciplines to meet a wide range of investor needs. Its subsidiaries include Ceredex value advisers, Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, Newfleet asset management, NFJ investment group, Seix Investment Advisors, Silvant Capital Management, Sustainable growth advisors, and Virtus ETF Solutions.

SOURCE Virtus Investment Partners, Inc.

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http://www.virtus.com


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