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.
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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.
A copy of the Prospectus Supplement and accompanying base Prospectus relating to the offering may be obtained from: Wells Fargo Securities, LLC at 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Capital Markets Client Support; by calling the toll free number: 1-800-326-5897; at the Securities and Exchange Commission's website at http://www.sec.gov; or by visiting BGC's SEC filings at http://www.bgcpartners.com/ir.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company primarily servicing the wholesale financial and property markets. Products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a broad range of financial and non-financial institutions. Through its eSpeed, BGC Trader, and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to select financial instruments and markets. Through the Newmark Grubb Knight Frank brand, the Company offers a wide range of services including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. For more information, please visit www.bgcpartners.com. eSpeed, BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service marks of BGC Partners, Inc. and its affiliates. Knight Frank is a service mark of Knight Frank Limited Corp., used with permission.
Discussion of Forward-Looking Statements by BGC Partners
Statements in this press release regarding BGC Partners' business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. 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 Partners' Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors set forth in our public filings, including the Prospectus Supplement related to the offering and our most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings.
 Upon a Change of Control Triggering Event, the Company would be required to make an offer to repurchase all outstanding Notes at a price in cash equal to 101 percent of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the repurchase date. See "Description of the Notes - Offer to Repurchase Upon a Change of Control Triggering Event" in the Prospectus Supplement related to this offering.
SOURCE BGC Partners, Inc.
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