By Devika Patel
Knoxville, Tenn., April 7 - BGC Partners, Inc. settled a $150 million private placement of 8.75% convertible senior notes with Cantor Fitzgerald, LP on April 1, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced on March 31.
The notes, which mature on April 15, 2015, are convertible into 21,398,003 units at an initial conversion rate of 142.6534 units per $1,000 of notes, equivalent to an initial conversion price of $7.01 per unit. They may not be redeemed prior to maturity.
Proceeds were used to pay off the company's $150 million of senior notes due April 1, 2010.
BGC is a London-based inter-dealer broker that provides integrated voice and electronic execution and other services to banks, brokerage houses and investment banks.
| Issuer: | BGC Partners, Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $150 million
|
| Maturity: | April 15, 2015
|
| Coupon: | 8.75%
|
| Price: | Par
|
| Yield: | 8.75%
|
| Conversion price: | $7.01
|
| Conversion ratio: | 142.6534 (into 21,398,003 units)
|
| Warrants: | No
|
| Investor: | Cantor Fitzgerald, LP
|
| Pricing date: | March 31
|
| Settlement date: | April 1
|
| Stock symbol: | Nasdaq: BGCP
|
| Stock price: | $6.11 at close March 31
|
| Market capitalization: | $528 million
|
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