Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

27. Subsequent Events

Second Quarter 2020 Dividend

On July 29, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.01 per share for the second quarter of 2020, payable on September 2, 2020 to BGC Class A and Class B common stockholders of record as of August 19, 2020.

4.375% Senior Notes

On July 10, 2020, the Company issued $300.0 million aggregate principal amount of 4.375% Senior Notes. The notes are general senior unsecured obligations of the Company. The notes will pay interest semi-annually at a rate of 4.375% per annum, on each June 15 and December 15, beginning on December 15, 2020, and will mature on December 15, 2025. The initial carrying value of the 4.375% Senior Notes was $296.8 million, net of discount and debt issuance costs of $3.2 million. The issuance costs will be amortized as interest expense and the carrying value of the 4.375% Senior Notes will accrete up to the face amount over the term of the notes. The Company intends to use the net proceeds to repurchase, redeem and/or repay at maturity all $300.0 million outstanding aggregate principal amount of its 5.125% Senior Notes due 2021, including to pay any applicable redemption premium.

Repayment of the Revolving Credit Agreement

On July 14, 2020, the Company repaid in full the $225.0 million borrowings outstanding under the Revolving Credit Agreement.

Tender Offer for 5.125% Senior Notes

On August 5, 2020, the Company commenced a cash tender offer for any and all $300 million outstanding aggregate principal amount of its 5.125% Senior Notes. The tender offer will expire at 5:00 p.m., New York City time, on August 11, 2020, unless extended or earlier terminated by the Company. The Company has retained CF&Co as one of the dealer managers for the tender offer.