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NEW YORK, July 11, 2024 ~ Newmark Group, Inc. (Nasdaq: NMRK) has announced that it will be extending its offer to exchange up to $475 million of its outstanding 7.500% Senior Notes due 2029 for an equivalent amount of its registered 7.500% Senior Notes due 2029. The exchange offer, which was previously set to expire on July 10, 2024, will now expire on July 12, 2024, unless further extended.
According to the company's press release, approximately $473.7 million of the outstanding Old Notes have already been tendered in the exchange offer as of July 10, 2024. This accounts for about 99.7% of the total outstanding Old Notes, with some exceptions.
The terms and conditions of the exchange offer can be found in a prospectus dated June 10, 2024. Interested parties can obtain copies of the prospectus and other relevant documents from the exchange agent, Regions Bank.
It is worth noting that Newmark's controlling stockholder, Cantor Fitzgerald, L.P., holds $125 million of the $600 million aggregate principal amount of outstanding Old Notes but will not be participating in the exchange offer. After the completion of the offer, Newmark plans to file a shelf registration statement to allow Cantor to resell their Old Notes.
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However, it is important to mention that this press release is for informational purposes only and does not constitute an offer or solicitation to buy or sell any Old Notes or Exchange Notes. The exchange offer is being made solely through the exchange offer prospectus and in accordance with regulations set by the Securities and Exchange Commission.
Newmark Group, Inc., together with its subsidiaries ("Newmark"), is a leading commercial real estate adviser and service provider catering to large institutional investors, global corporations, and other owners and occupiers. With a comprehensive suite of services tailored to each client, Newmark operates in both established and emerging property markets, providing superior service to clients across the industry spectrum.
As of December 31, 2023, Newmark generated revenues of approximately $2.5 billion and operated from approximately 170 offices with 7,400 professionals worldwide. To learn more about Newmark and its services, interested parties can visit nmrk.com or follow @newmark on social media platforms.
According to the company's press release, approximately $473.7 million of the outstanding Old Notes have already been tendered in the exchange offer as of July 10, 2024. This accounts for about 99.7% of the total outstanding Old Notes, with some exceptions.
The terms and conditions of the exchange offer can be found in a prospectus dated June 10, 2024. Interested parties can obtain copies of the prospectus and other relevant documents from the exchange agent, Regions Bank.
It is worth noting that Newmark's controlling stockholder, Cantor Fitzgerald, L.P., holds $125 million of the $600 million aggregate principal amount of outstanding Old Notes but will not be participating in the exchange offer. After the completion of the offer, Newmark plans to file a shelf registration statement to allow Cantor to resell their Old Notes.
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However, it is important to mention that this press release is for informational purposes only and does not constitute an offer or solicitation to buy or sell any Old Notes or Exchange Notes. The exchange offer is being made solely through the exchange offer prospectus and in accordance with regulations set by the Securities and Exchange Commission.
Newmark Group, Inc., together with its subsidiaries ("Newmark"), is a leading commercial real estate adviser and service provider catering to large institutional investors, global corporations, and other owners and occupiers. With a comprehensive suite of services tailored to each client, Newmark operates in both established and emerging property markets, providing superior service to clients across the industry spectrum.
As of December 31, 2023, Newmark generated revenues of approximately $2.5 billion and operated from approximately 170 offices with 7,400 professionals worldwide. To learn more about Newmark and its services, interested parties can visit nmrk.com or follow @newmark on social media platforms.
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