BGC Group launches $950M debt exchange for own notes; simplifies post-conversion capital

BGC Group, Inc.

Offers to exchange $300M 3.750% notes due 2024, $300M 4.375% notes due 2025, and $350M 8.000% notes due 2028 for new BGC Group notes with same rates and maturities.
Holders tendering by Sept. 19 receive $1,000 principal of new notes plus $1 cash per $1,000 old notes; early premium of $30 additional new notes.
Consents sought to amend indentures to eliminate certain covenants and default provisions; consent revocation deadline Sept. 19.
Exchange offers expire Oct. 4, 2023; subject to SEC effectiveness of registration statement.
Follows July 1, 2023 conversion making BGC Partners a wholly owned subsidiary; BGC Group to assume credit facilities.

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