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.
Newmark Group has relationships with many of the world's largest
commercial property owners, real estate developers and investors,
as well as Fortune 500 and Forbes Global 2000 companies. Newmark
Group's Class A common stock trades on the NASDAQ Global Select
Market under the ticker symbol "NMRK". Newmark is a
trademark/service mark and/or registered trademark/service mark of
Newmark Group and/or its affiliates. Knight Frank is a service mark
of Knight Frank (Nominees) Limited. Find out 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 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.
Media Contact:
Karen
Laureano-Rikardsen
+1 212-829-4975
Investor Contact:
Jason
Harbes, CFA
+1 212-829-7124
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SOURCE Newmark Group, Inc.