BGC Partners Announces Issuance of $160M of Convertible Senior Notes

BGC Partners, Inc. BGCP today announced that it has closed the private offering of $160 million in aggregate principal amount of its 4.50 percent convertible senior notes due 2016. The initial purchasers exercised their option to purchase $25 million in aggregate principal amount of additional notes to cover over-allotments, which is included in the $160 million of gross proceeds. The notes were issued at par. BGC received approximately $144.1 million after deducting the initial purchasers' discounts and commissions, estimated offering expenses and the cost of the capped call transactions. The Company expects to use the net proceeds from the offering for general corporate purposes, which may include financing acquisitions.