Hartford asset manager Virtus Investment Partners Inc. has announced the closing of its new senior secured revolving credit facility, which will provide up to $30 million in financing over the next two years.
Additionally, the company said it has extinguished its previously outstanding debt of $18 million using $15 million under the new credit facility and $3 million of its cash resources.
The $30 million credit facility has a term of two years, with the amount available reducing to $18 million in the second year. The facility will have a variable interest rate benchmarked to standard market indices.
BNY Mellon, PNC Bank, and National Association, constitute the lending group.
“With its larger capacity and longer term, this new facility increases our financial flexibility, improves our working capital position and, at current interest rates, provides lower borrowing costs to the company,” said Michael Angerthal, executive vice president and chief financial officer of the company, which currently has $22.4 billion in assets under management.
Virtus was formerly part of Hartford insurer The Phoenix Cos. before being spun off to shareholders last December.
