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ap

Virtus Investment Partners closes $30 million loan

Virtus Investment Partners uses new $30 million loan to pay off old $18 million loan

  • On 10:56 am EDT, Friday September 4, 2009

HARTFORD, Conn. (AP) -- Asset manager Virtus Investment Partners Inc. said it closed on a new revolving credit facility worth $30 million.

The company used $15 million of the new loan plus $3 million in cash to pay off previous debt of $18 million.

The new $30 million facility from BNY Mellon and PNC Bank, National Association, expires in two years, though the amount available drops to $18 million in the second year.

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