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U.S Exchange BATS to borrow $300 mln for dividend - FT
November 28, 2012 / 5:12 AM / 5 years ago

U.S Exchange BATS to borrow $300 mln for dividend - FT

Nov 28 (Reuters) - BATS Global Markets Inc, the No.3 U.S. stock exchange, is in talks with lenders to raise $300 million of ‘junk’-rated debt to finance a dividend payout to shareholders, the Financial Times reported, citing people familiar with the negotiations.

The company is seeking to issue a $300 million, six-year senior secured loan and open a $50 million three-year credit revolving facility, the Financial Times said. ()

The BATS debt and revolver facility was assigned junk status by ratings agencies Standard & Poor’s and Moody‘s, the business daily said.

The company, which cancelled its planned $100 million initial public offering in March after trading glitches on its debut day, had no outstanding debt as of Sept. 30, the FT said.

BATS officials declined to comment, the paper said. BATS could not be reached for immediate comment by Reuters.

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