Newmark Group lifts revolver to $465 million, draws $180 million

By Sara Rosenberg

New York, March 23 – Newmark Group Inc. upsized on March 16 its senior unsecured revolving credit facility to $465 million from $425 million, according to an 8-K filed with the Securities and Exchange Commission on Monday.

On March 17, the company provided notice to the administrative agent of its intention to draw $180 million under the revolver.

The company took these actions largely as a precautionary measure in order to preserve its financial flexibility considering current uncertainty in the global markets resulting from the Covid-19 outbreak.

As of March 20, a total of $415 million was outstanding under the revolver.

Pricing on the revolver is Libor plus 175 basis points, subject to a pricing grid linked to the company’s credit ratings from S&P Global Ratings and Fitch Ratings.

Newmark Group is a New York-based commercial real estate services business.

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