Newmark repays $153 million of term loan converted from BGC revolver

By Marisa Wong

Morgantown, W.Va., June 20 – Newmark Group, Inc. repaid about $153 million under its term loan using proceeds from an issuance of exchangeable preferred limited partnership units, according to an 8-K filing with the Securities and Exchange Commission.

Newmark’s operating subsidiary, Newmark Partners, LP, had issued two new series of exchangeable preferred units to Royal Bank of Canada for about $175 million.

As previously disclosed, on Nov. 22, 2017 Newmark and BGC Partners, Inc. had entered into an amendment to their unsecured senior revolving credit agreement dated Sept. 8, 2017 with Bank of America, NA as administrative agent to convert the outstanding balance of revolving loans under the credit agreement totaling $400 million to a term loan assumed by Newmark.

The amount that Newmark repaid on the term loan is now available for BGC to draw upon under the revolving portion of the credit agreement.

With the paydown, about $247 million of the converted term loan remains outstanding.

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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