ICBC contributes to $575 million USD term loan to BGC Partners LLC and Newmark Group for the acquisition of Berkeley Point Financial LLC in 2016

Project narrative

On September 8, 2017, financial close was reached on a deal in which a syndicate of 12 banks—including Industrial and Commercial Bank of China (ICBC)—entered into a $575 million USD syndicated loan agreement with BGC Partners, Inc., a Delaware-based global financial brokerage and technology company that provides services in real estate, financial, and commodities markets. The loan's maturity was two years, with an interest rate tied to the LIBOR reference rate plus an applicable margin based on the borrower's credit rating. The proceeds were used by BGC Partners, Inc. for the acquisition of Berkeley Point Financial LLC, a Maryland-based company. While ICBC contributed to this loan, the following lenders also participated: Bank of America, N.A.; Citibank, N.A.; Goldman Sachs Bank USA; Capital One, National Association; PNC Bank, National Association; Mizuho Bank, Ltd.; BMO Harris Bank, N.A.; Stifel Bank & Trust; Regions Bank; Associated Bank, National Association; and BankUnited, N.A. On the same day, the company announced it had completed the acquisition. On November 22, 2017, the company and the banks entered into an amendment in which the company transferred the loan to its subsidiary Newmark Group. On March 31, 2018, the company repaid the loan.