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Newmark repays $258.6 million of term loan assumed from BGC Partners
By Wendy Van Sickle
Columbus, Ohio, Dec. 19 – Newmark Group, Inc. repaid about $258.6 million of a term loan it assumed as borrower from BGC Partners, Inc., according to an 8-K filing with the Securities and Exchange Commission.
The paydown to the up to $575 million term loan was made using proceeds from Newmark’s initial public offering. Proceeds of any exercise of the underwriters’ option to purchase additional class A common shares in the IPO will also be used to partially repay the term loan, according to the filing.
Effective Dec. 13, the date that the separation of BGC’s real estate services businesses (the Newmark businesses) from the remainder of BGC’s businesses and the contribution of the Newmark businesses to Newmark Group, Inc. was completed, Newmark assumed BGC’s obligations under the original $575 million term loan as well as a converted term loan, and BGC will guarantee those obligations.
The converted term loan comprises the outstanding balance of BGC’s former $400 million revolving credit facility.
Each of its two credit agreements is originally dated Sept. 8 with Bank of America, NA as administrative agent.
BGC Partners is a financial services company based in New York. Newmark, a commercial real estate company, is also based in New York.
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