BNY Mellon Leads Virtus Investment Partners Amendment
Virtus Investment Partners, which operates a multi-manager asset management business, announced it has enhanced its long-term capital position by amending its existing credit agreement to extend the term, increase the capacity and provide for more favorable terms.
Virtus said the lending group is led by BNY Mellon as administrative agent and PNC Bank as syndication agent. Other lenders participating in the syndicate are Citibank and Royal Bank of Canada.
The amended facility extends the term of the current $30 million credit agreement, which was signed in 2009 and amended in 2010, by five years from closing, and sets a maximum available credit limit of $75 million for the full term. In addition, the facility provides for a $50 million increase provision conditioned on approval by the lending group.
The company has $15 million outstanding on the facility and has no specific intention to increase the size of its outstanding debt at this time.
The agreement also provides financing at a lower variable interest rate that is tied to standard benchmark rates, and revises certain debt covenants to provide additional operating flexibility.
Virtus Investment Partners is a partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors.