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Subsequent Events | 6 Months Ended
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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.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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