NEW YORK - Newmark Group , Inc. (NASDAQ:NMRK), a commercial real estate advisory firm, has successfully closed its private offering of $600 million in senior notes with a 7.5% annual interest rate, the company announced today. The notes, which are unsecured general obligations of Newmark, are set to mature on January 12, 2029.
Interest on these notes will be paid semi-annually, starting from July 12, 2024. Newmark has outlined its intention to use the net proceeds from this offering to repay a portion or the entirety of its $420 million outstanding term loan. Any remaining funds will be directed towards repaying existing revolving debt, including borrowings under the company's credit agreement with Cantor Fitzgerald, L.P., and for other general corporate purposes.
The offering of these notes was conducted as a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended. Consequently, the notes have not been registered under the Securities Act or any state securities laws, and they may not be offered or sold within the United States absent registration or an exemption from such registration requirements.
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