CB Richard Ellis Restructures $994 Million In Debt

LOS ANGELES (AP) — CB Richard Ellis Group Inc. on Tuesday said it will modify $994 million in debt through agreements with lenders who will be able to swap existing rounds of debt for new ones with longer maturity dates or less amortization, or both.

Brett White, president and CEO of the Los Angeles-based commercial real estate services company, said the agreements are part of a broader strategy to bolster its balance sheet.

CB Richard Ellis said it swapped $243 million of its $600 million revolving credit agreement into new tranches of debt expiring in June 2013, two years beyond the current expiration.

Of that total, about $201 million will be a new revolving facility and $42 million will convert to term debt. Depending on market conditions and other factors, CB Richard Ellis expects it will seek to extend, renew or replace additional portions of the remaining original revolving credit facility before its June 2011 expiration.

At the end of June, $49 million was drawn on the $600 million revolving credit facility.