Victory Capital Announces Successful Repricing of Term Loan With Lower Rate
February 18 2021 - 4:30PM
Business Wire
Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory
Capital”) today reported that it has repriced its existing $756
million Term Loan.
The repricing lowered the interest rate spread by 25 basis
points, from 2.50 percent over LIBOR, to 2.25 percent over LIBOR,
while maintaining the current maturity of July 1, 2026 and a LIBOR
floor of 0.00%. Since the origination of the term loan in July
2019, the interest rate spread has been reduced by a total of 100
basis points.
“We appreciate the continued support from our lenders and their
confidence in Victory Capital’s strong financial condition,” said
David Brown, Chairman and CEO. “Higher free cash flow generation
has contributed to reducing our leverage ratio, in addition to
providing more flexibility to pursue capital allocation priorities
such as inorganic growth initiatives, making strategic investments
in the business, and returning capital to our shareholders.”
S&P Global Ratings revised Victory Capital’s credit outlook
from stable to positive on February 17, 2021.
About Victory Capital
Victory Capital is a diversified global asset management firm
with $146.2 billion in assets under management as of January 31,
2021. The Company operates a next-generation business model
combining boutique investment qualities with the benefits of a
fully integrated, centralized operating and distribution
platform.
Victory Capital provides specialized investment strategies to
institutions, intermediaries, retirement platforms and individual
investors. With nine autonomous Investment Franchises and a
Solutions Platform, Victory Capital offers a wide array of
investment styles and investment vehicles including, actively
managed mutual funds, separately managed accounts, active ETFs,
multi-asset class strategies, custom-designed solutions and a 529
College Savings Plan.
For more information, please visit www.vcm.com or follow us:
Twitter and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20210218005958/en/
Investors: Matthew Dennis, CFA Chief of Staff Director,
Investor Relations 216-898-2412 mdennis@vcm.com
Media: Tricia Ross 310-622-8226 tross@finprofiles.com
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