KCG Holdings' Share Exchange Is Credit Negative
ISSUER COMMENT BANKING NOVEMBER 28, 2016 KCG Holdings’ Share Exchange Is Credit Negative From Credit Outlook On 17 November, KCG Holdings, Inc. (B1 stable) announced that it will exchange 8.9 million of its Bats Global Markets (Ba3 review for upgrade) shares for 18.7 million of KCG shares and 8.1 million KCG warrants with its largest shareholder, General Atlantic (unrated). KCG expects the transac
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