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BGC Group, Inc. Commences Offers to Exchange Three Series of Notes Issued by BGC Partners, Inc. for Notes Issued by BGC Group, Inc.
NEW YORK, Sept. 6, 2023 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC) ("BGC Group" or the "Company") today announced the commencement of offers to exchange
About this update from Bgc Group, Inc.
[{"type":"text","content":"NEW YORK, Sept. 6, 2023 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC) (\"BGC Group\" or the \"Company\") today announced the commencement of offers to exchange (the \"exchange offers\") any and all validly tendered (and not validly withdrawn) and accepted notes of the three series described in the table below (collectively, the \"Old Notes\") issued by BGC Partners, Inc., BGC Group's wholly-owned subsidiary (\"BGC Partners\"), for notes to be issued by BGC Group as described in the table below (collectively, the \"New Notes\"). A registration statement on Form S-4 relating to the issuance of the New Notes was filed with the U.S. Securities and Exchange Commission (\"SEC\") on September 6, 2023 (the \"Registration Statement\") but has not yet been declared effective. Copies of the preliminary prospectus dated September 6, 2023 (the \"Prospectus\"), which forms a part of the Registration Statement, and the related letter of transmittal and consent (the \"Letter of Transmittal\") are available to holders through the exchange agent and information agent, D.F. King & Co., Inc., by calling (212) 269-5550 (toll-free) or (877) 732-3614 (for banks and brokers) or by emailing [email protected].\n \nExchangeConsideration\nEarlyParticipationPremium\nTotalConsideration\nTitle of Series of \nOld Notes\nCUSIP\nAggregatePrincipalAmount\nTitle of Series of New Notes to be Issued byBGC Group\nNew Notes (Principal Amount)\nCash\nNew Notes (Principal Amount)\nNew Notes (Principal Amount)\nCash\n3.750% Senior Notes due October 1, 2024\n \n05541TAM3\n$300,000,000\n3.750% Senior Notes due October 1, 2024\n$970\n$1.00\n$30\n$1,000\n$1.00\n4.375% Senior Notes due December 15, 2025\n05541T AP6\nU2100D AE3\n \n$300,000,000\n4.375% Senior Notes due December 15, 2025\n$970\n$1.00\n$30\n$1,000\n$1.00\n8.000% Senior Notes due May 25, 2028\n05541T AQ4\nU2100D AF0\n$350,000,000\n8.000% Senior Notes due May 25, 2028\n$970\n$1.00\n$30\n$1,000\n$1.00\nBGC Group is conducting the exchange offers to simplify its capital structure following the corporate conversion completed on July 1, 2023, whereby BGC Partners became a wholly owned subsidiary of BGC Group, and to give existing holders of the Old Notes the opportunity to obtain New Notes issued by BGC Group, which will rank pari passu with BGC Group's other unsecured senior indebtedness. In connection with the closing ...