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Subsequent Events | 9 Months Ended
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Sep. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Third Quarter 2023 Dividend On October 27, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.01 per share for the third quarter of 2023, payable on December 1, 2023 to BGC Class A and Class B common stockholders of record as of November 17, 2023. Exchange Offer On October 6, 2023, BGC Group completed its previously announced offers to exchange the BGC Partners 3.750% Senior Notes due 2024, the BGC Partners 4.375% Senior Notes due 2025 and the BGC Partners 8.000% Senior Notes due 2028, for new notes to be issued by BGC Group with the same respective interest rates and maturity dates and substantially similar terms, and cash. BGC Group issued $255.5 million aggregate principal amount of BGC Group 3.750% Senior Notes due 2024, $288.2 million aggregate principal amount of BGC Group 4.375% Senior Notes due 2025, and $347.2 million aggregate principal amount of BGC Group 8.000% Senior Notes due 2028 in exchange for validly tendered BGC Partners Notes, and BGC Partners cancelled an equivalent amount of the respective series of BGC Partners Notes. Also on October 6, 2023, in connection with the closing of the Exchange Offer, the provisions of a supplemental indenture to the indenture governing the BGC Partners Notes became effective, stripping certain covenants from the BGC Partners Notes, including the “Change of Control” provisions described above. Following completion of the Exchange Offer, $44.5 million aggregate principal amount of the BGC Partners 3.750% Senior Notes, $11.8 million aggregate principal amount of the BGC Partners 4.375% Senior Notes, and $2.8 million aggregate principal amount of the BGC Partners 8.000% Senior Notes remained outstanding. On October 6, 2023, in connection with the closing of the Exchange Offer, the Revolving Credit Agreement was amended to exclude the BGC Partners Notes from the restrictive covenant in the Revolving Credit Agreement limiting the indebtedness of subsidiaries, and BGC Group assumed all rights and obligations of BGC Partners under the Revolving Credit Agreement and became the borrower thereunder. Also on October 6, 2023 and in connection with the closing of the Exchange Offer, BGC Group assumed all rights and obligations of BGC Partners under the BGC Credit Agreement. Filing of Form S-3 On October 19, 2023, the Company filed an automatically effective resale registration statement on Form S-3 pursuant to which CF&Co may make offers and sales of BGC Group’s 3.750% Senior Notes due 2024, BGC Group’s 4.375% Senior Notes due 2025 and BGC Group’s 8.000% Senior Notes due 2028 in connection with ongoing market-making transactions which may occur from time to time. Such market-making transactions in these securities may occur in the open market or may be privately negotiated at prevailing market prices at a time of resale or at related or negotiated prices. Neither CF&Co, nor any other of our affiliates, has any obligation to make a market in our securities, and CF&Co or any such other affiliate may discontinue market-making activities at any time without notice.

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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 -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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