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