Davis Polk Advises Bats Global Markets, Inc. on Its $750 Million Senior Secured Credit Facility

Davis Polk advised Bats Global Markets, Inc. (“Bats”), as borrower, in connection with a senior secured credit facility (the “Credit Facility”). The Credit Facility consists of a $650 million seven-year term loan (the “Term Loan”) and a $100 million three-year revolving credit facility (the “Revolving Facility”). The proceeds of the Term Loan, together with cash on hand, were used to prepay, in full, Bats’ outstanding $656 million term loan. The Revolving Facility replaced Bats’ existing $100 million revolving credit facility and is available for general corporate purposes.

Bats is a leading operator of securities markets in the United States and Europe. Bats develops and operates electronic markets for the trading of listed cash equity securities in the United States and Europe and listed equity options in the United States. Bats also operates the largest pan-European equities exchange, spanning several major European markets. Bats is currently one of the largest equities market operators in the United States, Europe and globally.

The Davis Polk credit team included partner Lawrence E. Wieman. Associate Colleen Blanco provided Investment Company Act advice. Counsel Jeanine P. McGuinness provided OFAC and FCPA advice. Associate Kay Ng provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.