GFI credit agreement lowered to $75 million with split maturity

By Toni Weeks

San Luis Obispo, Calif., March 7 - GFI Group Inc. and GFI Holdings Ltd. amended their credit agreement with Bank of America as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment allows for total revolving commitments of up to $75 million until December 2013, at which time $18.75 million of commitments under lender Barclays Bank plc will mature. The remaining $56.25 million in aggregate revolving commitments from Bank of America, NA, Royal Bank of Scotland plc, Bank of Montreal and JPMorgan Chase Bank, NA matures in December 2015.

Borrowings and letters of credit bear interest at Libor plus 250 basis points to 350 bps, with the margin dependent on the company's consolidated leverage ratio.

The facility includes both revolving loans and letters of credit. The agreement caps outstanding loans in currencies other than dollars to an amount equal to the lesser of the aggregate revolving commitments and $60 million.

The outstanding principal amount may be prepaid, in whole or in part, subject to certain restrictions.

Prior to the amendment, the credit facility allowed for up to $129.5 million in revolving commitments, all of which were due December 2013.

GFI is a brokerage and trade execution company based in New York.

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