Fitch sees rating BGC notes BBB-

Fitch Ratings said it assigned an expected rating of BBB- to the proposed $300 million of senior unsecured notes to be issued by BGC Partners Inc. BGC’s issuer rating is BBB-. The coupon and final maturity will be determined at the time of issuance.

Proceeds are expected to be used to repurchase, redeem and/or repay at maturity all $300 million outstanding of its 5.125% senior notes due 2021.

“The transaction is expected to be leverage neutral,” Fitch said in a press release.

The outlook is stable.

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