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Bats Global Markets Refinances $750MM Credit Facilities With BofA, Others

July 05, 2016, 08:00 AM
Filed Under: Specialty Industries
Related: Bank of America

Bats Global Markets, Inc., a leading global operator of exchanges and services for financial markets, announced the refinancing of the company’s outstanding $656 million of term loans and $100 million revolving credit facility (collectively, the “Existing Credit Agreement”) with $650 million of new seven-year term loans and a new $100 million three-year revolving credit facility. The company will record a pretax charge of $18 million in the second quarter incurred as a result of a loss on the early extinguishment of the amount outstanding under the Existing Credit Agreement.

According to an 8-K filing, Bank of America is serving as administrative agent on the refinancing.

“This refinancing gives us the ability to take advantage of our stronger credit profile and favorable market conditions to lower interest expense by nearly $7 million in 2016 and $11 million in 2017,” said Bats Chief Financial Officer Brian Schell. “Also, this transaction creates incremental capital allocation flexibility by extending the weighted average maturity of the term financing from 3.5 years to 7 years and by significantly reducing the annual mandatory principal amortization due on the term loan.”

Bats Global Markets, Inc. is a leading global operator of exchanges and services for financial markets, dedicated to Making Markets Better. Bats is the second-largest stock exchange operator in the U.S., operates the largest stock exchange and trade reporting facility in Europe, and the #1 market globally for ETF trading.

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