On January 27, 2017, Investment Technology Group and its wholly owned subsidiary, ITG, entered into a $150 million, 364-day revolving credit agreement with a syndicate of banks.

According to a related 8-K filing, the syndicate was led by JPMorgan Chase as administrative agent. Bank of America and Bank of Montreal were syndication agents.

The credit agreement includes an accordion feature that allows for potential expansion of the facility up to $225 million.

Under the credit agreement, interest accrues at a rate equal to a base rate, determined by reference to the greatest of the federal funds rate, one-month LIBOR and the overnight bank funding rate, plus a margin of 2.50%. Available but un-borrowed amounts are subject to an unused commitment fee of 0.75%.

The purpose of this credit line is to provide liquidity for ITG’s U.S. brokerage operations to satisfy clearing margin requirements and to finance temporary positions from delivery failures or non-standard settlements.