BGC Partners Announces Extension of Exchange Offer For Its 4.375% Senior Notes Due 2025

Rhea-AI Summary

BGC Partners (NASDAQ: BGCP) announced the extension of its Exchange Offer to exchange up to $300 million of its 4.375% Senior Notes due 2025 for registered Exchange Notes. The offer will now close on October 14, 2020, after 99.52% of the Old Notes were tendered by October 7, 2020. The exchange is outlined in a prospectus dated September 9, 2020, and the offer is solely based on this legal document. BGC Partners is a leading financial technology company providing brokerage services across various financial products.

Positive

• 99.52% of Old Notes successfully tendered as of October 7, 2020.
• Exchange Offer extended to October 14, 2020, allowing more participation.

Negative

• None.

NEW YORK, Oct. 8, 2020 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or the "Company"), a leading global brokerage and financial technology company, today announced that it had extended its offer (the "Exchange Offer") to exchange up to $300 million aggregate principal amount of its outstanding 4.375% Senior Notes due 2025 (the "Old Notes") for an equivalent amount of its 4.375% Senior Notes due 2025 registered under the Securities Act of 1933, as amended (the "Exchange Notes"). The Company issued and sold $300 million in aggregate principal amount of the Old Notes in a private offering in July 2020.

The Exchange Offer, previously scheduled to expire at 5:00 p.m., New York City time, on Wednesday, October 7, 2020, will now expire at 5:00 p.m., New York City time, on Wednesday, October 14, 2020, unless further extended. $298,570,000 in aggregate principal amount, or 99.52%, of the outstanding Old Notes were tendered in the Exchange Offer as of 5:00 p.m., October 7, 2020.

The terms of the exchange offer are set forth in a prospectus dated September 9, 2020. Copies of the prospectus and the other exchange offer documents may be obtained from the exchange agent:

Wells Fargo Bank, N.A.
Corporate Trust Operations 
MAC N9300-070
600 South Fourth Street
Minneapolis, MN 55402
Telephone: 1-800-344-5128

This press release is for informational purposes only and is neither an offer to buy nor a solicitation of an offer to sell any Old Notes or Exchange Notes. The exchange offer is being made only pursuant to the exchange offer prospectus, which is being distributed to holders of the Old Notes and has been filed with the Securities and Exchange Commission as part of BGC's Registration Statement on Form S-4 (File No. 333-248472), which was declared effective on September 8, 2020.

About BGC Partners, Inc.
BGC Partners is a leading global brokerage and financial technology company. BGC specializes in the brokerage of a broad range of products, including fixed income (rates and credit), foreign exchange, equities, energy and commodities, shipping, insurance, and futures. BGC also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through brands including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC Partners, Inc., and/or its affiliates.

BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC's Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol "BGCP". BGC is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow BGC at https://twitter.com/bgcpartners,  https://www.linkedin.com/company/bgc-partners and/or http://ir.bgcpartners.com/Investors/default.aspx.  

Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's businesses, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Media Contact:
Karen Laureano-Rikardsen
+1 212-829-4975

Investor Contacts:
Jason Chryssicas or Grant Filer
+1 212-610-2426

 

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SOURCE BGC Partners, Inc.

FAQ

What is BGC Partners' Exchange Offer for its 4.375% Senior Notes due 2025?

BGC Partners is offering to exchange up to $300 million of its 4.375% Senior Notes due 2025 for registered Exchange Notes.

What is the new expiration date for BGC Partners' Exchange Offer?

The Exchange Offer will now expire on October 14, 2020.

How much of the Old Notes were tendered by October 7, 2020?

As of October 7, 2020, $298,570,000, or 99.52%, of the Old Notes were tendered.

When was the prospectus for the Exchange Offer dated?

The prospectus for the Exchange Offer was dated September 9, 2020.

What does BGC Partners specialize in?

BGC Partners specializes in brokerage and financial technology, offering services across fixed income, foreign exchange, equities, and more.