NEW YORK, Feb. 26, 2020 /PRNewswire/ -- Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark" or "the Company") today announced terms of its amended credit agreement.
On February 26, 2020, Newmark entered into an agreement to amend the terms of its senior unsecured revolving credit facility (the "Credit Facility"), increasing its size to $425 million and extending the maturity date to February 26, 2023. The interest rate on the Credit Facility is LIBOR plus 1.75% per annum, subject to a pricing grid linked to Newmark's credit ratings from Standard & Poor's and Fitch. The new agreement amends the terms of the Company's previous $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 lead arranger for the Credit Facility. Additional banks named as joint lead arrangers and joint bookrunners for the Credit Facility are: Capital One, N.A.; Citizens Bank, N.A.; Goldman Sachs Bank USA; KeyBank National Association; and PNC Bank, N.A. Other banks participating in the Credit Facility are: BMO Harris Bank N.A.; UMB Bank, N.A.; U.S. Bank National Association; Regions Bank; Stifel Bank & Trust; Associated Bank, N.A.; BankUnited, N.A.; and Wells Fargo Bank, National Association.
The Company expects to use its Credit Facility for general corporate purposes. For additional information on the Credit Facility, please see Newmark's forthcoming 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 that operates a full-service commercial real estate services business with a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry. Under the Newmark Knight Frank name, the investor/owner services and products of Newmark Group's subsidiaries include capital markets (comprised of investment sales and mortgage brokerage), agency leasing, property management, valuation and advisory, diligence and underwriting. Newmark Group's subsidiaries also offer government sponsored enterprise lending, loan servicing, debt and structured finance, and loan sales. Newmark Group's occupier services and products include tenant representation, global corporate services, real estate management technology systems, workplace and occupancy strategy, consulting, project management, lease administration and facilities management. Newmark Group enhances these services and products through innovative real estate technology solutions and data analytics designed to enable its clients to increase their efficiency and profits by optimizing their real estate portfolio.
Discussion of Forward-Looking Statements about Newmark Statements 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 undertakes 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 the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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