BGC · BGC Group, Inc

BGC Group, Inc. has significantly enhanced its liquidity profile by entering the Third Amended and Restated Credit Agreement on May 15, 2026, which provides a $700 million unsecured revolving credit facility expandable to $900 million upon meeting certain conditions. This replaces the Existing Credit Agreement dated April 26, 2024 (as amended), extending the maturity to May 15, 2030 and maintaining $240 million in outstanding borrowings. The facility supports general corporate purposes, offering flexibility for operational needs or strategic initiatives. Interest pricing is market-competitive, with Term SOFR-based borrowings at an initial margin of 1.875% (equating to approximately 5.48% as of the closing date using 30-day average SOFR data) or base rate plus 0.875%, with margins adjusting based on BGC's credit ratings from S&P and Fitch (starting at Pricing Level III for BBB-/BBB-). Fees include upfront, arrangement, and unused facility components. Key investor considerations include strengthened covenant package with increased minimums for net worth and net excess capital alongside unchanged interest coverage and leverage requirements, plus standard affirmative/negative covenants and events of default. Bank of America serves as Administrative Agent, with a syndicate including Capital One, Citizens Bank, and others as Co-Syndication Agents. This amendment signals lender confidence in BGC's creditworthiness while providing extended runway through 2030.