Newmark has revealed details of the financing package behind its takeover of UK agency Gerald Eve earlier this year.
In its first-quarter results, Newmark said its corporate debt had risen by $225m ($178m) over the three months to $773.4m.
The new borrowing was made under an existing revolving credit facility, the company said, “to acquire Gerald Eve and hire new revenue-generating employees under long-term contracts”. It did not detail any further split of the new debt.
The information is the first insight Newmark has offered into the financing of the deal, the value and terms of which were not disclosed when it was announced in March.
At the time, Newmark chief executive Barry Gosin described Gerald Eve as “a market-leading adviser” and said the deal “adds momentum to our goal of having more than 10% of Newmark’s revenue generated from outside of the United States by 2025″.
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