Business
Newmark Announces Further Extension of Exchange Offer for its 7.500% Senior Notes Due 2029
NEW YORK, July 15, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate adviser and service
About this update from Newmark Group, Inc.
[{"type":"text","content":"NEW YORK, July 15, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) (\"Newmark\" or \"the Company\"), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, today announced that it had extended its offer (the \"exchange offer\") to exchange up to $475 million aggregate principal amount of its outstanding 7.500% Senior Notes due 2029 (the \"Old Notes\") for an equivalent amount of its 7.500% Senior Notes due 2029 registered under the Securities Act of 1933, as amended (the \"Exchange Notes\"). $600 million aggregate principal amount of Old Notes were issued and sold by the Company in January 2024 in a private offering.\n\n \n \n \n \n \n \n\n \nThe exchange offer, previously scheduled to expire at 5:00 p.m., New York City time, on Friday, July 12, 2024, will now expire at 5:00 p.m., New York City time, on Wednesday, July 17, 2024, unless further extended. Approximately $473.8 million in aggregate principal amount, or 99.7%, of the outstanding Old Notes were tendered in the exchange offer as of 5:00 p.m., New York City time, on July 12, 2024 (which excludes certain Old Notes, as detailed below).\nThe terms of the exchange offer are set forth in a prospectus dated June 10, 2024. Copies of the prospectus and the other exchange offer documents may be obtained from the exchange agent:\nRegions BankCorporate Trust Department1180 West Peachtree Street NW, Suite 1200Atlanta, GA 30309Attention: Vanessa WilliamsEmail: [email protected]: (404) 221-4588Facsimile (for Eligible Institutions only): (404) 581-3770\nThe Company's controlling stockholder, Cantor Fitzgerald, L.P. (\"Cantor\"), holds $125 million aggregate principal amount of the $600 million aggregate principal amount of outstanding Old Notes. Cantor will not participate in the exchange offer. After the completion of the exchange offer, the Company intends to file a shelf registration statement to enable Cantor to resell such Old Notes pursuant to such registration statement.\nThis press release is for informational purposes only and is neither an offer to buy or sell nor a solicitation of an offer to buy or sell any Old Notes or Exchange Notes. The exchange offer is being made only pursuant to the exchange offer prospectus, which is being distributed to holders...