NEW YORK, June 21, 2012 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "the Company," or "BGC,") a leading global brokerage company primarily servicing the wholesale financial and property markets, today announced that it has priced an underwritten public offering of $100 million of 8.125 percent Senior Notes ("Notes") due June 15, 2042.
The Company intends to use the proceeds of this offering to repay short-term borrowings under its unsecured revolving credit facility, and for general corporate purposes. The closing of the offering is scheduled for June 26, 2012.
The Notes are expected to be redeemable, in whole or in part, at any time on or after June 26, 2017, at a redemption price equal to 100 percent of the principal amount redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
The Notes are a new issue of securities. BGC has applied to list the Notes on the New York Stock Exchange under the symbol "BGCA." If the application is approved, the Company expects trading in the notes on the New York Stock Exchange to begin within 30 days after the Notes are first issued.
The Notes will be BGC's senior unsecured obligations and will rank equally with all of the Company's other senior unsecured indebtedness. The Notes will be effectively subordinated to BGC's secured indebtedness and to all liabilities of the Company's subsidiaries. BGC does not have any material assets other than its direct and indirect ownership in the equity of its operating subsidiaries.
This press release does not constitute an offer for sale of any securities. The Notes may be offered only by means of a Prospectus Supplement and accompanying base Prospectus. Wells Fargo Securities, LLC is acting as sole book-running manager for the offering. Cantor Fitzgerald & Co., Raymond James & Associates, Inc., and RBC Capital Markets LLC are acting as co-managers.
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