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CBRE Group, Inc. Announces Completion of Debt Refinancing Activities

Company Establishes New $2.8 Billion Revolving Credit Facility and $750 Million Delayed Draw Term Loan

LOS ANGELES--(BUSINESS WIRE)--Oct. 31, 2017-- CBRE Group, Inc. (NYSE:CBG) today announced that it has entered into a new senior unsecured credit agreement, which provides for a five-year $2.8 billion revolving credit facility (“revolver”) and a five-year $750 million delayed draw term loan facility (“term loan”).

Loans under the new revolver bear interest at an initial rate equal to LIBOR plus 1.0% with a facility fee of 0.15%. Loans under the new term loan bear interest at an initial rate equal to LIBOR plus 1.15%. The prior revolver had a current interest rate of LIBOR plus 0.95% with a facility fee of 0.20%, and the two existing term loans had a weighted average current interest rate of LIBOR plus 1.22%.

The company used the proceeds from initial drawings on the term loan and revolver, together with cash on hand, to pay off existing term loans, which had a total balance outstanding of $751.9 million, as of June 30, 2017. The undrawn portions of the new term loan and revolver are available for general corporate purposes.

“Our balance sheet continues to be a distinct advantage for CBRE. With low leverage and considerable cash and undrawn capacity on our revolving credit facility, we have the liquidity and flexibility to deploy our capital opportunistically to further enhance our position in the marketplace,” said Jim Groch, the company’s chief financial officer.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). The company has approximately 75,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Forward-Looking Statements

Certain of the statements in this release that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, projections and estimates regarding the use of proceeds from the new senior unsecured credit agreement and the availability of and ability to execute on opportunities for the company to deploy capital. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, prevailing market conditions and the existence and quality of capital deployment opportunities, as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2016, and our Form 10-Q for the quarter ended June 30, 2017. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at investorrelations@cbre.com.

Source: CBRE Group, Inc.

CBRE Group, Inc.
Debbie Fan
+1 310 606 5025
Brad Burke
Investor Relations
+1 215 921 7436