CB Richard Ellis to raise $550M - Minneapolis / St. Paul Business Journal:

bentlyoupapa1810.blogspot.com
The company will use the proceeds to reducr itssizable debt. The Los Angeles-basecd broker plans to offer $400 millionn in senior unsubordinated notes in aprivates placement. It also will sell $100 milliomn in new Class A common stoclk to investors that include hedge fundPaulson & Co. Inc. CB Richardx Ellis may raise another $50 million in periodidc publicstock sales. CB Richard Ellis has $2.4 billion in debt, $310 milliohn of which is due next year, accordiny to Bloomberg data. Much of its debt was incurrecd throughits $1.9 billion acquisition of Trammell Crow in 2006.
The move by CB Richardc Ellis (NYSE:CBG) follows a similafr initiative byOn Tuesday, Jones Lang LaSalle said it plannede to raise as much as $200 millionj in a secondary stock offeringh of 5.5 million shares. CB Richarcd Ellis is the world’s largest commercial real estateservicees firm. It has more than 29,0000 employees worldwide. It's the Twin second-largest commercial real estate brokerage firm andthe third-largesg commercial property management firm.