ICBC contributes to $150 million USD syndicated revolving credit facility to BGC Partners for working capital purposes in 2016

Project narrative

On February 25, 2016, financial close was reached on a deal in which a syndicate of 7 banks — including Industrial and Commercial Bank of China (ICBC) — entered into a $150 million USD syndicated loan agreement with BGC Partners, Inc., a Delaware-based financial services company specializing in brokerage and financial technology solutions. The loan's maturity is two years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for working capital and general corporate purposes, supporting its financial services operations. While ICBC contributed to the loan, the following lenders also participated: Bank of America, N.A.; Capital One, N.A.; U.S. Bank National Association; Associated Bank, National Association; BankUnited, N.A.; and Western Alliance Bank, an Arizona corporation. This loan was guaranteed by BGC Partners, L.P., a Delaware limited partnership (through BGC Holdings, LLC, its general partner); Newmark & Company Real Estate, Inc., a New York corporation; BGC Capital Markets, L.P., a Delaware limited partnership (through BGCCMLP Holdings, LLP, its general partner); Cornish & Carey Commercial, a California corporation; BGC USA, L.P., a Delaware limited partnership; and GFI Group, Inc., a Delaware corporation. On September 8, 2017, the loan was terminated with all balance repaid.