BGC Partners to pay down unsecured revolver with senior note proceeds

By Tali David

Minneapolis, June 20 - BGC Partners, Inc. plans to repay short-term borrowings under its unsecured revolving credit facility with the proceeds from its new senior note offering, according to a 424B3 filed with the Securities and Exchange Commission.

As of June 15, the outstanding short-term borrowings under the revolver had a weighted-average interest rate of 3.24% and maturities ranging from eight to 27 days.

Proceeds from the note offering will also be used for general corporate purposes, the company said.

New York-based BGC is an inter-dealer broker specializing in over-the-counter and related derivative products.

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