BGC guts dividend, boost liquidity

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BGC Partners (NASDAQ:BGCP) expects to top guidance as March has been highly volatile, with significant volumes across numerous global instruments.

In order to preserve financial flexibility, the company has drawn down an aggregate of $230M from its revolving credit facility since December 31, 2019, for a total of $300M outstanding.

Proceeds from the revolving credit facility may be used for general corporate purposes.

Guts regular dividend to $0.01/share to prioritize near-term financial flexibility and bolster its financial position.

BGCP -12.6% after hours to $2.85

Source: Press Release

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