By Cristal Cody
Tupelo, Miss., July 8 – BGC Partners, Inc. (BBB-/BBB-) priced $300 million of 4.375% senior notes due Dec. 15, 2025 on Wednesday at a spread of 412.5 basis points over Treasuries, according to a market source and a company news release.
Initial price talk was at the Treasuries plus 437.5 bps area.
Goldman Sachs & Co. LLC, Cantor Fitzgerald & Co. and PNC Capital Markets LLC were the bookrunners of the private offering.
Proceeds will be used to repurchase, redeem or repay at maturity all $300 million of the company’s 5.125% senior notes due 2021 and for general corporate purposes.
BCG Partners is a financial services company based in New York City.
| Issuer: | BGC Partners, Inc.
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| Amount: | $300 million
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| Description: | Senior notes
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| Maturity: | Dec. 15, 2025
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| Bookrunners: | Goldman Sachs & Co. LLC, Cantor Fitzgerald & Co. and PNC Capital Markets LLC
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| Coupon: | 4.375%
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| Spread: | Treasuries plus 412.5 bps
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| Trade date: | July 8
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| Settlement date: | July 10
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| Ratings: | S&P: BBB-
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| Fitch: BBB-
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| Distribution: | Private
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| Price guidance: | Treasuries plus 437.5 bps area
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