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FXCM extends loan with Leucadia, allowing more time for asset sales
By Wendy Van Sickle
Columbus, Ohio, Sept. 8 – FXCM Inc. amended its $300 million senior secured term loan agreement with Leucadia National Corp. on Sept. 1, extending it by a year to Jan. 16, 2018, according to an 8-K filing with the Securities and Exchange Commission.
The extension will allow FXCM more time to optimize remaining asset sales, according to the filing.
“While FXCM is actively marketing the non-core assets it has identified to be sold, Leucadia and FXCM concluded that greater value could be realized for all stakeholders through additional time to complete the asset sales,” the filing states.
Also under the amendment, FXCM will have the right to defer any three of the remaining interest payments by paying interest in kind, which will give FXCM flexibility to invest and grow its core business.
Until the loan is fully repaid, all distributions and sales proceeds will continue to be used solely to repay the principal and interest.
The borrower is a New York-based online provider of foreign-exchange trading.
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