Newmark increases and extends its senior unsecured credit facility
NEW YORK, February 26, 2020 / PRNewswire / – Newmark Group, Inc. (NASDAQ: NMRK) (âNewmarkâ or âthe Companyâ) today announced the terms of its amended credit agreement.
At February 26, 2020, Newmark has entered into an agreement to amend the terms of its senior unsecured revolving credit facility (the âCredit Facilityâ), increasing its size to $ 425 million and the extension of the due date to February 26, 2023. The interest rate on the credit facility is LIBOR plus 1.75% per annum, subject to a fee schedule linked to Newmark’s credit ratings of Standard & Poor’s and Fitch. The new agreement changes the terms of the Company’s old contract $ 250 million revolving credit facility maturing on November 26, 2021 with an interest rate of LIBOR plus 2.00% per annum.
BofA Securities, Inc. acted as the active principal arranger for the credit facility. The other banks designated as joint lead managers and joint bookkeepers for the credit facility are: Capital One, NA; Citizens Bank, NA; Goldman Sachs Bank United States; National KeyBank Association; and PNC Bank, NA The other banks participating in the credit facility are: BMO Harris Bank NA; UMB Bank, NA; National Association of American Banks; Bank of Regions; Stifel Bank & Trust; Associated Bank, NA; BankUnited, NA; and Wells Fargo Bank, National Association.
The Company expects to use its credit facility for general business purposes. For more information on the credit facility, please see Newmark’s upcoming and expected Securities and Exchange Commission filings on Form 10-K.
About Newmark Group, Inc.
Newmark Group, Inc. (“Newmark Group”) is a publicly traded company operating a full-service commercial real estate services business with a full range of services and products for homeowners and occupants across the industry. commercial real estate. Under the Newmark Knight Frank name, services and products to investors / owners of Newmark Group subsidiaries include capital markets (comprised of investment sales and mortgage brokerage), agency leasing, property management, valuation and advice, diligence and underwriting. Newmark Group subsidiaries also provide government sponsored business loans, loan services, debt and structured finance, and loan sales. Newmark Group’s occupant services and products include tenant representation, global business services, property management technology systems, workplace and tenure strategy, consulting, project management, lease administration and facility management. The Newmark Group improves these services and products through innovative real estate technology solutions and data analysis designed to enable its clients to increase their efficiency and profits by optimizing their real estate portfolio.
Newmark Group has relationships with many of the world’s largest commercial property owners, developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. Class A common shares of Newmark Group trade on the NASDAQ Global Select Market under the symbol “NMRK”. Newmark is a trademark / service mark and / or a registered trademark / service mark of the Newmark Group and / or its affiliates. Knight Frank is a service mark of Knight Frank (Nominees) Limited. Learn more about Newmark at http://www.ngkf.com/, https://twitter.com/newmarkkf, https://www.linkedin.com/company/newmark-knight-frank/, and / or http://ir.ngkf.com/investors/investors-home/default.aspx.
Discussion of forward-looking statements regarding Newmark
Statements contained in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark assumes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see Newmark’s Securities and Exchange Commission documents, including, but not limited to, the risk factors and the special note on Forward-looking information set out in these documents and any updates to these risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10- Q or Form 8-K.
Jason Harbes, CFA
SOURCE Newmark Group, Inc.