BGC Partners (NASDAQ:BGCP) redeems all outstanding $112.5M principal amount of 8.125% senior notes due 2042 and loans its Newmark Group (NASDAQ:NMRK) subsidiary $112.5M at an annual interest rate of 6.5%.
Newmark used the proceeds to repay an intercompany note owed to BGC incurred in connection with the original issuance of the redeemed notes. BGC, in turn, used the proceeds to complete the notes redemption.
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