CB Richard Ellis Completes $175 Million Debt Financing.LOS ANGELES--(BUSINESS WIRE)--May 26, 1998--CB Richard Ellis Services Inc. (NYSE NYSE See: New York Stock Exchange :CBG CBG corticosteroid-binding globulin. ), the world's leading real estate services provider, Tuesday announced completion of a $175 million debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and an increase in its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, both designed to support the company's internal growth and acquisition strategies. CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. issued $175 million senior subordinated notes with an 8-7/8 percent coupon maturing in 2006. Merrill Lynch, BancAmerica Robertson Stephens and NationsBanc Montgomery Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control were co-managers for the transaction. Proceeds from the financing will be used to repay outstanding borrowings under the company's existing revolving credit facility. The company further reported an increase in its revolving credit facility with a group of banks led by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . The facility was increased to $400 million from $300 million with an extension of its maturity to 2003. Commenting on the announcement, CB Richard Ellis Chairman and Chief Executive Officer Jim Didion stated, "The size and structure of the new financing, along with our increased capacity in our bank revolver, will enable us to maintain maximum financial flexibility in continuing to execute our global growth strategy. "We continue to be pleased with the reception the marketplace has had in terms of understanding our business and validating our growth strategies." CB Richard Ellis is the world's leading real estate services company. With headquarters in Los Angeles and more than 8,000 employees worldwide, the company serves real estate owners, investors and occupiers through more than 200 principal offices in 29 countries. Services include property sales and leasing, investment property acquisitions and dispositions, property management, corporate advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal and facilities management, development advisory, mortgage banking, investment management, capital markets, appraisal/valuation and market research. CB Commercial and REI Limited, which merged in April 1998 to form CB Richard Ellis, reported 1997 revenues of $730 million and $119 million, respectively. -0- For more information on CB Richard Ellis Services Inc. (via facsimile and at no cost), call 800/PRO-INFO and dial client code "CBG." If you are calling from outside the United States, dial 908/544-2850. CONTACT: CB Richard Ellis Services Inc., Los Angeles Cary Brazeman, 213/613-3227 or Financial Relations Board Karen Taylor, 310/442-0599, General Information Stephanie Mishra, 415/986-1591, Investor/Analyst |
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