NEW YORK, Nov. 28, 2018 /PRNewswire/ -- BGC Partners,
Inc. (NASDAQ: BGCP) ("BGC Partners", "BGC", or the "Company") and
Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark") today announced
terms of their new separate credit agreements. Together, these
credit agreements total $600 million
as compared with BGC's previous revolving credit facility of
$400 million.
On November 28, 2018, BGC Partners
entered into a new $350 million
revolving credit facility (the "BGC Credit Facility") maturing on
November 28, 2020 to replace its
previous $400 million revolving
credit facility that was due to mature on September 8, 2019. The interest rate on the BGC
Credit Facility is LIBOR plus 2.0%, subject to adjustments based on
pricing grids dependent on BGC's credit ratings with Standard &
Poor's and Fitch.
On November 28, 2018, Newmark
entered into a new $250 million
revolving credit facility (the "Newmark Credit Facility") maturing
on November 28, 2021. The interest
rate on the Newmark Credit Facility is LIBOR plus 2.0%, subject to
adjustments based on pricing grids dependent on Newmark's credit
ratings with Standard & Poor's and Fitch.
Both companies expect to use their revolving credit facility for
general corporate purposes.
Bank of America Merrill Lynch acted as the active lead arranger
for the BGC Credit Facility. Additional banks named as joint lead
arrangers for the BGC Credit Facility are: Capital One, N.A.;
Citigroup Global Markets Inc.; Goldman Sachs Bank USA; Industrial and Commercial Bank of China
Ltd.; PNC Bank, N.A; Santander Bank,
N.A; and Regions Bank. Other banks participating in the BGC Credit
Facility are: Wells Fargo Bank, National Association; Associated
Bank, N.A.; BMO Harris Bank N.A.; UMB Bank, N.A; BankUnited, N.A.;
and Stifel Bank & Trust.
Bank of America Merrill Lynch also acted as the active lead
arranger for the Newmark Credit Facility. Additional banks named as
joint lead arrangers for the Newmark Credit Facility are: BMO
Harris Bank N.A.; Capital One, N.A.; Citigroup Global Markets Inc.;
Goldman Sachs Bank USA; and PNC
Bank, N.A. Other banks participating in the Newmark Credit Facility
are: Regions Bank; UMB Bank, N.A; Associated Bank, N.A.;
BankUnited, N.A.; Stifel Bank & Trust; and Wells Fargo Bank,
National Association.
For additional information on the BGC Credit Facility and the
Newmark Credit Facility, please see each company's Securities and
Exchange Commission filings on form 8-K, which are expected to be
filed shortly.
About BGC Partners, Inc.
BGC Partners is a leading
global brokerage and financial technology company. BGC owns GFI
Group Inc., a leading intermediary and provider of trading
technologies and support services to the global OTC and listed
markets. BGC's Financial Services offerings include fixed income
securities, interest rate swaps, foreign exchange, equities, equity
derivatives, credit derivatives, commodities, futures, and
structured products. BGC provides a wide range of services,
including trade execution, broker-dealer services, clearing, trade
compression, post trade, information, and other services to a broad
range of financial and non-financial institutions. Through brands
including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market
Data, BGC offers financial technology solutions, market data, and
analytics related to numerous financial instruments and markets.
BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, and
Lucera are trademarks/service marks and/or registered
trademarks/service marks of BGC Partners, Inc. and/or its
affiliates.
BGC's customers include many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, and investment firms. BGC's Class A
common stock trades on the NASDAQ Global Select Market under the
ticker symbol "BGCP". BGC Partners is led by Chairman and Chief
Executive Officer Howard W. Lutnick.
For more information, please visit http://www.bgcpartners.com. You
can also follow BGC at https://twitter.com/bgcpartners,
https://www.linkedin.com/company/bgc-partners and/or
http://ir.bgcpartners.com/Investors/default.aspx.
About Newmark Group, Inc.
Newmark Group, Inc.
("Newmark Group") is a publicly traded company that, through
subsidiaries, operates as a full-service commercial real estate
services business with a complete suite of services and products
for both owners and occupiers across the entire commercial real
estate industry. Under the Newmark Knight Frank name, the
investor/owner services and products of Newmark Group's
subsidiaries include capital markets (including investment sales),
agency leasing, property management, valuation and advisory,
diligence and underwriting. Newmark Group's subsidiaries also offer
government sponsored enterprise lending, loan servicing, debt and
structured finance, and loan sales. Newmark Group's occupier
services and products include tenant representation, global
corporate services, real estate management technology systems,
workplace and occupancy strategy, consulting, project management,
lease administration and facilities management. Newmark Group
enhances these services and products through innovative real estate
technology solutions and data analytics designed to enable its
clients to increase their efficiency and profits by optimizing
their real estate portfolio.
Newmark Group has relationships with many of the world's largest
commercial property owners, real estate developers and investors,
as well as Fortune 500 and Forbes Global 2000 companies. Newmark
Group's Class A common stock trades on the NASDAQ Global Select
Market under the ticker symbol "NMRK". Newmark is a
trademark/service mark and/or registered trademark/service mark of
Newmark Group and/or its affiliates. Knight Frank is a service mark
of Knight Frank (Nominees) Limited. Find out more about Newmark at
http://www.ngkf.com/, https://twitter.com/newmarkkf,
https://www.linkedin.com/company/newmark-knight-frank/, and/or
http://ir.ngkf.com/investors/investors-home/default.aspx.
Discussion of Forward-Looking Statements about BGC and
Newmark
Statements in this document regarding BGC and
Newmark that are not historical facts are "forward-looking
statements" that involve risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements. Except as required by law, BGC and
Newmark undertake no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see BGC's and Newmark's Securities
and Exchange Commission filings, including, but not limited to, the
risk factors set forth in these filings and any updates to such
risk factors contained in subsequent Forms 10-K, Forms 10-Q or
Forms 8-K.
Media Contact:
Karen
Laureano-Rikardsen
+1 212-829-4975
Investor Contacts:
Ujjal Basu
Roy (BGCP), Kelly Collar
(NMRK), or Jason McGruder
+1 212-610-2426
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