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Prospect News home > News index > List of issuers B > Headlines for BGC Partners, Inc. > News item |
Fitch gives BGC notes BBB
Fitch Ratings said it expects to assign a rating of BBB to BGC Partners, Inc.'s $125 million of convertible senior notes due in July 2016.
The company has a long-term issuer default rating of BBB and short-term issuer default rating of F2.
The outlook is stable.
The issue may be increased by $18.8 million to accommodate over-allotments, Fitch said.
The proceeds from the debt issuance will be used for general corporate purposes, including funding for the pending acquisition of Newmark and any hedge transactions related to the convertible notes, the agency said.
The holders may convert the notes into class A common stock at any time.
However, BGC may not redeem the notes prior to maturity, unless required by holders following a fundamental change, the agency said.
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