ICBC contributes to second rescheduling of $350 million USD revolving credit facility — via 2 year maturity extension — to BGC Partners for working capital purposes in 2020 (Linked to Record ID#106610, #106611, and #106613)

Project narrative

On November 28, 2018, financial close was reached on a deal in which a syndicate of 14 banks—including Industrial and Commercial Bank of China (ICBC)—entered into a $350 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 based on the borrower's credit rating. The proceeds were intended for general corporate purposes, including operational and acquisition-related expenditures. While ICBC contributed an undisclosed portion to this loan (Record ID#106610), 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; Santander Bank, N.A.; Regions Bank; Wells Fargo Bank, National Association; Associated Bank, National Association; BMO Harris Bank N.A.; UMB Bank, N.A.; BankUnited, N.A.; and Stifel Bank & Trust. On December 11, 2019, the borrower and the lenders entered into an amendment in which they extended the maturity date to February 26, 2021 (Record ID#106611). In addition, on February 26, 2020, they had another amendment in which they further extended the maturity to February 26, 2023 (Record ID#106612) On March 10, 2022, financial close was reached on a deal in which a syndicate of 13 banks—including Industrial and Commercial Bank of China (ICBC)—entered into a $375 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 is three years, with an interest rate tied to the SOFR (Secured Overnight Financing Rate) reference rate plus an applicable margin. The proceeds were utilized for general corporate purposes, including liquidity support, acquisitions, and operational needs. While ICBC contributed an undisclosed portion to this loan (Record ID#106613), the following lenders also participated: Bank of America, N.A.; Capital One, National Association; Fifth Third Bank, National Association; Goldman Sachs Bank USA; PNC Bank, National Association; Regions Bank; Wells Fargo Bank, National Association; Santander Bank, N.A.; Associated Bank, N.A.; BMO Harris Bank N.A.; UMB Bank, N.A.; BankUnited, N.A.; and Stifel Bank & Trust.