BGC Partners obtains new two-year $150 million unsecured revolver

By Wendy Van Sickle

Columbus, Ohio, Feb. 26 – BGC Partners, Inc. entered a two-year $150 million committed unsecured revolving credit agreement, according to a press release.

BGC has the option to increase the total loans up to $200 million.

Bank of America, NA is the agreement’s administrative agent.

Borrowings will bear interest at Libor plus a margin that will depend on BGC’s debt rating and that will max out at 250 basis points, according to the release.

The facility matures Feb. 25, 2018.

In conjunction with closing the new facility, the company terminated its $25 million unsecured credit agreement entered into on Dec. 24, with Bank of America. No borrowings were outstanding under that agreement, and no borrowings were drawn on the new agreement at closing.

“We already have a very strong balance sheet, with more than $1 billion of liquidity. In addition, we expect to receive over $760 million in additional Nasdaq stock over time, which is not yet reflected on our balance sheet,” Howard W. Lutnick, chairman and chief executive officer of BGC, said in the release. “This agreement bolsters our already robust financial position, while giving us even more resources we can use to make continued and disciplined investments for the long-term benefit of the company.”

New York-based GGC is a financial services company.

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