Newmark Group Inc on Friday announced the pricing of an offering of $600 million aggregate principal amount of senior notes.
The notes will be general senior unsecured obligations of the company and will pay interest semi-annually at a rate of 7.50% per year – on each January 12th and July 12th – and will mature on January 12th 2029.
The closing of the offering is expected to occur on January 12th 2024, subject to customary conditions.
The company said it would use the net proceeds to repay all or a part of the $420 million outstanding under its term loan.
Any additional net proceeds will be used to repay outstanding revolving debt and for general corporate purposes, it added.
The shares of Newmark Group Inc (NMRK) closed 1.36% ($0.14) lower at $10.13 on Nasdaq on Friday, as they extended the losses from the previous five trading sessions.
The shares of Newmark Group Inc went up 37.51% in 2023.
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