BGC Partners talks new $25-par senior notes due 2042 at 8.125%-8.5%

By Stephanie N. Rotondo

Phoenix, June 20 - BGC Partners Inc. will sell at least $50 million of senior notes due June 2042, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is 8.125% to 8.25%, according to a trader. Pricing is expected Wednesday or Thursday.

Interest will be payable quarterly on the 15th day of March, June, September and December, beginning Sept. 15.

The notes become redeemable in June 2017 at par plus unpaid interest. Additionally, BGC can redeem the notes in the event of a change of control at 101% of par plus unpaid interest.

The company has applied to list the notes on the New York Stock Exchange under the ticker symbol "BGCA."

Wells Fargo Securities LLC is the bookrunner. Cantor Fitzgerald & Co. is the co-manager.

Proceeds will be used to repay short-term borrowings under an unsecured revolving credit facility and for general corporate purposes.

BGC is a New York-based global brokerage company primarily servicing the wholesale financial and property markets.

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