BGC Partners, Newmark get separate revolvers totaling $600 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 28 – BGC Partners, Inc. and its Newmark Group, Inc. subsidiary entered into new separate credit agreements totaling $600 million on Wednesday, according to a news release.

BGC’s new $350 million revolving credit facility matures on Nov. 28, 2020 and replaces its previous $400 million revolver that was due to mature on Sept. 8, 2019.

Borrowings bear interest at Libor plus 200 basis points, subject to adjustment based on BGC’s credit ratings.

Newmark’s new $250 million revolver matures on Nov. 28, 2021.

Borrowings bear interest at Libor plus 200 bps, subject to adjustment based on Newmark’s credit ratings.

Both revolvers will be used for general corporate purposes.

Bank of America Merrill Lynch acted as the active lead arranger for both credit facilities.

Additional joint lead arrangers for the BGC credit facility included Capital One, NA, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Industrial and Commercial Bank of China Ltd., PNC Bank, NA, Santander Bank, NA and Regions Bank.

Additional joint lead arrangers for the Newmark credit facility included BMO Harris Bank NA, Capital One, Citigroup, Goldman Sachs and PNC.

BGC Partners is a financial services company based in New York.

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