VOL. 125 | NO. 221 | Friday, November 12, 2010
CB Richard Ellis Refinances $650M in Debt
LOS ANGELES (AP) – CB Richard Ellis Group Inc. said Thursday it has lined up $1.5 billion in new credit and refinanced $650 million in debt under its credit agreement.
The real estate services firm also paid back $460 million in debt with cash.
The company established a $700 million revolving credit facility with less than $25 million drawn against it and an initial interest rate of 2.25 percent above the London Interbank Offered Rate, or LIBOR.
It also obtained a separate $800 million credit line that can be expanded.
CB Richard Ellis refinanced a five-year, $350 million term loan with an initial interest rate of 2.25 percent over LIBOR and a $300 million term loan with an interest at 3.25 percent over LIBOR that comes due in six years.
Since January last year, CB Richard Ellis has reduced its aggregate net debt by approximately 40 percent, or $775 million, the company said.
The refinancing was led by Credit Suisse, Bank of America Merrill Lynch and HSBC.
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