BGC Partners Announces Launch Of Exchange Offer For Its 4.375% Senior Notes Due 2025

Rhea-AI Summary

BGC Partners, Inc. (NASDAQ: BGCP) announced an exchange offer for up to $300 million of its 4.375% Senior Notes due 2025. The offer will accept Old Notes issued in July 2020 in exchange for newly registered Exchange Notes and is part of a registration obligation. The exchange ends on October 7, 2020, at 5:00 p.m. New York City time. This move does not signify new financing. The prospectus for the exchange is publicly available and was filed with the SEC as part of BGC's registration statement, effective from September 8, 2020.

Positive

• Launch of an exchange offer for $300 million in senior notes, enhancing liquidity.
• Compliance with registration rights agreement, supporting investor relations.

Negative

• None.

NEW YORK, Sept. 9, 2020 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC" or the "Company"), a leading global brokerage and financial technology company, today announced an 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 will expire at 5:00 p.m., New York City time, on Wednesday, October 7, 2020, unless extended. Tenders of Old Notes must be made before the exchange offer expires and may be withdrawn any time prior to the expiration of the exchange offer. The exchange offer is being made to satisfy the Company's obligations under a registration rights agreement entered into in connection with the issuance of the Old Notes and does not represent a new financing transaction.

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 business, 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 the purpose of BGC Partners' exchange offer for its Senior Notes due 2025?

The exchange offer aims to exchange up to $300 million of outstanding Senior Notes for newly registered Exchange Notes, fulfilling registration obligations.

When does the exchange offer for BGC Partners' Senior Notes expire?

The exchange offer will expire on October 7, 2020, at 5:00 p.m. New York City time.

How much is BGC Partners exchanging in the Senior Notes offer?

BGC Partners is exchanging up to $300 million in aggregate principal amount of its Senior Notes due 2025.

What fiscal action did BGC Partners take regarding its Senior Notes in July 2020?

In July 2020, BGC Partners issued and sold $300 million in aggregate principal amount of its outstanding Senior Notes.

What are the terms of BGC Partners' Senior Notes exchange offer?

The terms of the exchange offer are detailed in a prospectus dated September 9, 2020, which is available to Old Notes holders.