BGC Partners borrows $202.85 million from facilities to repay notes

By Sarah Lizee

Olympia, Wash., July 20 – BGC Partners, Inc. drew down the remaining $120 million from its senior credit facility with Cantor Fitzgerald, LP and the remaining $82.85 million from its senior revolving credit facility with Bank of America, NA as administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

Interest was Libor plus 325 basis points for the senior credit facility and Libor plus 225 bps for the revolver.

The company used the short-term borrowings, together with cash on hand, to repay in full its $240 million 8.375% senior notes due July 19, 2018 plus accrued interest, which were issued by BGC’s wholly owned subsidiary, GFI Group Inc. and guaranteed by the company as part of its acquisition of GFI.

BGC said it intends to use the net proceeds from the sale of the 5.375% notes to repay in full the short-term borrowings.

Additional net proceeds will be used for general corporate purposes, which may include redemptions of the company’s 8.125% senior notes due 2042.

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

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