KCG ANNOUNCES ADDITIONAL $85 MILLION REPAYMENT OF FIRST LIEN CREDIT FACILITY
March 19 2014 - 9:20AM
KCG ANNOUNCES
ADDITIONAL $85 MILLION REPAYMENT
OF FIRST LIEN CREDIT FACILITY
JERSEY CITY, N.J. - March
19, 2014 - KCG Holdings, Inc. (NYSE: KCG) today announced
the completion of an $85 million principal repayment of the first
lien term loan under the Company's first lien senior secured credit
facility.
KCG has completed a total of $485 million in
principal repayments on the $535 million loan entered into on July
1, 2013, leaving a remaining outstanding balance of $50 million.
Principal prepayments in excess of the $235 million amortization
payment due July 1, 2014 will be applied to reduce the remaining
scheduled amortization payments of $7.5 million each quarter
beginning September 30, 2014 on a pro rata
basis.
The $85 million was sourced from dividends
received from KCG's strategic investments in BATS and Direct Edge
as well as internally generated excess liquidity. As a result of an
aggregate $185 million in principal repayments during the first
quarter of 2014, KCG will record a writeoff of $7.6 million in
capitalized debt costs for the reporting period assuming no further
repayments in March.
About KCG
KCG is a leading independent securities firm offering investors a
range of services designed to address trading needs across asset
classes, product types and time zones. The firm combines advanced
technology with exceptional client service across market making,
agency execution and venues. KCG has multiple access points to
trade global equities, fixed income, currencies and commodities via
voice or automated execution. www.kcg.com
Certain statements contained herein may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are typically identified by words
such as "believe," "expect," "anticipate," "intend," "target,"
"estimate," "continue," "positions," "prospects" or "potential," by
future conditional verbs such as "will," "would," "should," "could"
or "may," or by variations of such words or by similar expressions.
These "forward-looking statements" are not historical facts and are
based on current expectations, estimates and projections about
KCG's industry, management's beliefs and certain assumptions made
by management, many of which, by their nature, are inherently
uncertain and beyond our control. Any forward-looking statement
contained herein speaks only as of the date on which it is made.
Accordingly, readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict including, without limitation, risks associated with:
(i) the strategic business combination (the "Mergers") of Knight
Capital Group, Inc. ("Knight") and GETCO Holding Company, LLC
("GETCO"), including, among other things, (a) difficulties and
delays in integrating the Knight and GETCO businesses or fully
realizing cost savings and other benefits, (b) the inability to
sustain revenue and earnings growth, and (c) customer and client
reactions to the Mergers; (ii) the August 1, 2012 technology issue
that resulted in Knight's broker-dealer subsidiary sending numerous
erroneous orders in NYSE-listed and NYSE Arca securities into the
market and the impact to Knight's capital structure and business as
well as actions taken in response thereto and consequences thereof;
(iii) the costs and risks associated with the sale of Knight's
institutional fixed income sales and trading business, the sale of
KCG's reverse mortgage origination and securitization business and
the departure of the managers of KCG's listed derivatives group;
(iv) changes in market structure, legislative, regulatory or
financial reporting rules; (v) past or future changes to
organizational structure and management; (vi) KCG's ability to
develop competitive new products and services in a timely manner
and the acceptance of such products and services by KCG's customers
and potential customers; (vii) KCG's ability to keep up with
technological changes; (viii) KCG's ability to effectively identify
and manage market risk, operational and technology risk, legal
risk, liquidity risk, reputational risk, counterparty and credit
risk, international
risk, regulatory risk, and compliance risk; (ix) the cost and other
effects of material contingencies, including litigation
contingencies, and any adverse judicial, administrative or arbitral
rulings or proceedings; and (x) the effects of increased
competition and KCG's ability to maintain and expand market share.
The list above is not exhaustive. Readers should carefully review
the risks and uncertainties disclosed in KCG's reports with the
SEC, including, without limitation, those detailed under "Risk
Factors" in KCG's Annual Report on Form 10-K for the year-ended
December 31, 2013, and other reports or documents KCG files with,
or furnishes to, the SEC from time to time.
CONTACTS
Sophie Sohn |
Jonathan Mairs |
Communications & Marketing |
Investor Relations |
312-931-2299 |
201-356-1529 |
media@kcg.com |
jmairs@kcg.com |
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: KCG Holdings, Inc. via Globenewswire
HUG#1769385
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