Newmark Group, Inc. announced the closing of its offering of $600.0 million aggregate principal amount of 7.500% senior notes . The notes are general senior unsecured obligations of Newmark. The notes will pay interest semi-annually at a rate of 7.500% per annum, on each January 12 and July 12, beginning on July 12, 2024, and will mature on January 12, 2029.

The Company intends to use the net proceeds to repay all or a portion of the $420.0 million outstanding under its term loan. Any additional net proceeds will be used to repay outstanding revolving debt, including with respect to the borrowings under the Company's credit agreement with Cantor Fitzgerald, L.P., and used for general corporate purposes. The notes were offered and sold in a private offering exempt from the registration requirements under the Securities Act of 1933, as amended (the Securities Act).