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Newmark Lands $420M Credit Agreement to Repay Senior Notes
Newmark Group has secured a delayed draw term loan credit agreement to refinance its $550 million 6.125% senior notes due in November 2023.
The credit agreement involves several financial institutions committing to provide a senior unsecured Delayed Draw Term Loan of $420 million, which can be increased to $550 million. The loan proceeds will be used to repay the Senior Notes. The initial all-in rate of the Delayed Draw Term Loan is about 7.9%. BofA Securities and Bank of America, among others, were involved in arranging the credit agreement.
“This new credit agreement, together with the $300 million to $350 million of cash we expect to generate from our business this year and Newmark’s $600 million revolving credit facility, provide sufficient capital to refinance our Senior Notes and continue to invest in growing our business”, said the Company’s Chief Financial Officer, Michael Rispoli.
- ◦Financing
