NEW YORK - Newmark Group , Inc. (NASDAQ:NMRK), a commercial real estate advisory firm, has priced an offering of $600 million in senior unsecured notes with a 7.50% annual interest rate, the company disclosed today. The notes, set to mature on January 12, 2029, will pay interest semi-annually starting July 12, 2024.
The offering is expected to close on January 12, 2024, subject to standard closing conditions. Newmark plans to allocate the net proceeds to repay a portion of its $420 million term loan and to reduce outstanding revolving debt, which includes borrowings under the company's credit agreement with Cantor Fitzgerald, L.P. Remaining funds will be directed towards general corporate purposes.
These senior notes were offered in a private sale exempt from 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 without registration or an exemption from registration requirements.
The transaction is based on a press release statement issued by the company.
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