BGC Partners and Newmark Group Announce Terms of New Separate Credit Facilities

NEW YORK, Nov. 28, 2018 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners", "BGC", or the "Company") and Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark") today announced terms of their new separate credit agreements. Together, these credit agreements total $600 million as compared with BGC's previous revolving credit facility of $400 million.

On November 28, 2018, BGC Partners entered into a new $350 million revolving credit facility (the "BGC Credit Facility") maturing on November 28, 2020 to replace its previous $400 million revolving credit facility that was due to mature on September 8, 2019. The interest rate on the BGC Credit Facility is LIBOR plus 2.0%, subject to adjustments based on pricing grids dependent on BGC's credit ratings with Standard & Poor's and Fitch.

On November 28, 2018, Newmark entered into a new $250 million revolving credit facility (the "Newmark Credit Facility") maturing on November 28, 2021. The interest rate on the Newmark Credit Facility is LIBOR plus 2.0%, subject to adjustments based on pricing grids dependent on Newmark's credit ratings with Standard & Poor's and Fitch.

Both companies expect to use their revolving credit facility for general corporate purposes.

Bank of America Merrill Lynch acted as the active lead arranger for the BGC Credit Facility. Additional banks named as joint lead arrangers for the BGC Credit Facility are: Capital One, N.A.; Citigroup Global Markets Inc.; Goldman Sachs Bank USA; Industrial and Commercial Bank of China Ltd.; PNC Bank, N.A; Santander Bank, N.A; and Regions Bank. Other banks participating in the BGC Credit Facility are: Wells Fargo Bank, National Association; Associated Bank, N.A.; BMO Harris Bank N.A.; UMB Bank, N.A; BankUnited, N.A.; and Stifel Bank & Trust.

Bank of America Merrill Lynch also acted as the active lead arranger for the Newmark Credit Facility. Additional banks named as joint lead arrangers for the Newmark Credit Facility are: BMO Harris Bank N.A.; Capital One, N.A.; Citigroup Global Markets Inc.; Goldman Sachs Bank USA; and PNC Bank, N.A. Other banks participating in the Newmark Credit Facility are: Regions Bank; UMB Bank, N.A; Associated Bank, N.A.; BankUnited, N.A.; Stifel Bank & Trust; and Wells Fargo Bank, National Association.