Virtus Investment Partners Inc.
10/01/2025 | Press release | Distributed by Public on 10/01/2025 14:17
Material Agreement, Financial Obligation, Termination of Material Agreement (Form 8-K)
Item 1.01 Entry into a Material Definitive Agreement.
On September 26, 2025, Virtus Investment Partners, Inc. (the "Company") replaced its current credit agreement dated September 28, 2021, as amended, by entering into a credit agreement (the "Credit Agreement") with inter alia, the lenders party thereto (the "Lenders") and Morgan Stanley Senior Funding, Inc. as administrative agent. The Credit Agreement provides for (a) a $400.0 million term loan for the Company with a seven-year term and (b) a $250.0 million revolving credit facility for the Company with a five-year term. The Company has the right, subject to customary conditions specified in the Credit Agreement, to request additional revolving credit facility commitments and additional term loans to be made under the Credit Agreement. The proceeds of the term loan have been applied to refinance the outstanding term loan under the September 28, 2021 credit agreement, general corporate purposes, and customary fees and expenses in connection with entering into the Credit Agreement.
Amounts outstanding under the Credit Agreement bear interest at an annual rate equal to, at the option of the Company, either Term SOFR for interest periods of one, three or six months or an alternate base rate, in either case plus an applicable margin. The applicable margins are 2.25%, in the case of Term SOFR-based loan, and 1.25%, in the case of alternate base rate loan. The remaining terms of the Credit Agreement as substantially similar to those set forth in the current credit agreement.
The foregoing description of the Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Credit Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 1.02 Termination of a Material Definitive Agreement.
In connection with the Company's entry into the Credit Agreement, the credit agreement dated as of September 28, 2021, as amended, with, inter alia, the lenders party thereto and Morgan Stanley Senior Fund, Inc. as administrative agent was terminated in its entirety and replaced by the Credit Agreement, and the master guarantee agreement and collateral agreement, each dated as of September 28, 2021, were also terminated in their entirety and replaced with the master guarantee agreement and collateral agreement, each dated as of September 26, 2025.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
To the extent required by Item 2.03 of Form 8-K, the information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this item.
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