12:37 PM EDT, 06/10/2024 (MT Newswires) -- (Updates with stock price movement in the headline and the first paragraph.)

Virtu Financial ( VIRT ) shares rose more than 12% in recent trading on Monday after the company said its VFH Parent and Valor Co-Issuer subsidiaries plan to offer $500 million in senior first lien notes due 2031 in a private offering.

The debt offering remains subject to market and other customary conditions. Virtu intends to use net proceeds of the offering to repay $500 million outstanding under an existing senior secured first lien term loan facility.

Concurrent with the offering, the company intends to amend its existing credit agreement to provide for a new term loan facility of around $1.25 billion and increase the commitments under its existing senior secured first lien revolving credit facility to $300 million and extend its maturity.

Price: 24.76, Change: +2.75, Percent Change: +12.49