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CB Richard Ellis Group, Inc. Announces Early Extension of$132.5 Million of Revolver and $24.1 Million of Term Debt Maturities

February 10, 2010
Follows $984 Million of Debt Maturity/Amortization Extensions Achieved in August 2009
LOS ANGELES, Feb 10, 2010 (BUSINESS WIRE) -- CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that it has reached agreement with its lenders to extend maturities on approximately $156.6 million of debt by offering certain holders the ability to swap into new or existing tranches with longer dated maturities.

The Company transferred approximately $132.5 million of its $358 million Revolver credit facility (expiring June 2011) into its existing Revolver 2 credit facility expiring June 2013. Total Revolver 2 borrowing capacity is now $333 million. A lender also agreed to swap approximately $24.1 million of existing Tranche A term debt (maturing December 2011) to a new Tranche A-3a maturing December 2013. The new Tranche A-3a has identical pricing to the existing Tranche A-3 and amortization of 1% per year.

In conjunction with these extensions, lenders also opted to exchange $115.5M of Tranche A debt for new Tranche A-4 debt. The new debt will have the same maturity date as the existing Tranche A debt, reduced required amortization and an initial higher interest rate of 50 basis points (increasing by an additional 225 basis points on the balance outstanding, if any, on April 1, 2010).

These moves are consistent with actions taken to date to strengthen the Company's balance sheet, including the issuance of equity, pre-payment of debt and extension of existing maturities. At the end of 2009, the Company had approximately $1.25 billion of cash and undrawn revolving credit capacity. The Company also ended the year with a covenant leverage ratio of 2.23x, as compared to its maximum allowable limit of 4.25x.

"We are pleased to be extending revolver capacity well in advance of its June 2011 maturity. The loan extensions provide added flexibility in managing our capital structure," said Brett White, president and chief executive officer of CB Richard Ellis.

About CB Richard Ellis

CB Richard Ellis 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 firm (in terms of 2009 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company for three years in a row. Please visit our Web site at

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements in this release regarding the loan modification agreement that do not concern purely historical data are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the Company to remain in compliance with its obligations under its credit agreement, as well as other risks and uncertainties discussed in CB Richard Ellis' filings with the Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CB Richard Ellis expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CB Richard Ellis does update one or more forward-looking statements, no inference should be drawn that it 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 risks to CB Richard Ellis' business in general, please refer to the Company's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2009. Such filings are available publicly and may be obtained off the Company's website at or upon request from the CB Richard Ellis Investor Relations Department at

SOURCE: CB Richard Ellis Group, Inc.

CB Richard Ellis Group, Inc.
Robert Sulentic
Group President & Chief Financial Officer
Investor Relations
Nick Kormeluk
Corporate Communications
Steve Iaco

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