ICBC contributes to $400 million USD syndicated loan to BGC Partners and Newmark Group for general corporate purposes in 2017

Project narrative

On September 8, 2017, financial close was reached on a deal in which a syndicate of 11 banks—including Industrial and Commercial Bank of China (ICBC)—entered into a $400 million USD revolving credit 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. The proceeds were used by BGC Partners, Inc. for general corporate purposes, including liquidity support for its financial operations and acquisitions. 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 November 22, 2017, the borrower and the banks entered into an agreement in which they converted the revolving credit to a term loan. In addition, the company transferred the balances to its subsidiary Newmark Group. On November 6, 2018, the company repaid the balances.