Newmark prices $600 million senior bond offering
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©Reuters. Newmark Group Ltd., a commercial real estate advisory firm (Nasdaq: NMRK), disclosed today that it has priced an issuance of $600 million in senior unsecured notes with an annual yield of 7.50%. The notes are scheduled to mature on January 12, 2029, and will pay interest semiannually beginning on July 12, 2024.
The offering is expected to close on January 12, 2024, subject to standard closing conditions. Newmark plans to use the net proceeds to repay a portion of its $420 million term loan and reduce outstanding circular debt, including borrowings under the company’s credit agreement with Cantor Fitzgerald, LP. Remaining funds will be used for general corporate purposes.
The senior notes were issued in a private placement and were not subject to the registration requirements of the Securities Act of 1933. They have not been registered under the Securities Act or any state securities laws and may not be sold in the United States absent registration or an exemption from registration requirements.
The deal is based on a press release issued by the company.
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