GFI Group extends bid to shift SEC filings to BGC, lifts consent fee

By Susanna Moon

Chicago, Sept. 23 – GFI Group Inc. said it amended and extended the consent solicitation for its 8 3/8% senior notes due 2018, which are guaranteed by BGC Partners, Inc.

The consent solicitation will now end at noon ET on Sept. 25, extended from 5 p.m. ET on Sept. 22. Holders must be of record as of 5 p.m. ET on Sept. 10. The solicitation began on Sept. 14.

The cash consent fee will now be between $5.00 and $10.00 per $1,000 of notes, up from $2.50 per $1,000, according to a company press release.

The amendment lifts the consent fee to a total of $1.2 million to be shared by all consenting holders if holders of at least a majority of the notes provide consents, the release noted.

As previously announced, the company is soliciting consents to modify the reporting covenant to provide that, so long as BGC guarantees the notes, the reports that BGC files with the Securities and Exchange Commission will be furnished to the trustee in lieu of GFI’s SEC reports.

If the amendment becomes effective, GFI will stop filing annual, quarterly and other reports with the SEC.

Bank of New York Mellon Trust Co., NA is the trustee.

BofA Merrill Lynch (888 292-0070 or 980 683-3215) is the lead solicitation agent. Global Bondholder Services Corp. (212 430-3774, 866 807-2200 or info@gbsc-usa.com) is the information agent. Cantor Fitzgerald & Co. is the co-solicitation agent.

GFI is majority-owned by, and operates as a division of, BGC Partners, Inc. The brokerage and trade execution company is based in New York City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.