CBRE Group, Inc. (NYSE:CBG) today announced that it has closed a previously-announced new incremental senior secured sterling term loan A-1 facility. The new facility, originally expected to total about US$250 million, has been increased to approximately US$300 million (GBP 187 million) due to strong interest from the Company’s existing bank syndicate.
“We are very pleased with our lenders’ continued strong support of CBRE, our people and strategy,” said Brett White, the Company’s chief executive officer. “This new facility enables us to take advantage of today’s highly favorable interest rate environment, and, with our ING REIM acquisition already completed and financed, provides us with more flexibility to capitalize on additional strategic growth opportunities and other corporate initiatives.”
The new facility matures in May 2016, and is on terms substantially similar to CBRE’s existing term loan A facility.
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 firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE 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. Please visit our Web site at www.cbre.com. “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the term loan A-1 facility and the anticipated use of proceeds therefrom. These forward-looking statements involve known and unknown risks, uncertainties and other factors discussed in CBRE Group, Inc.’s filings with the Securities and Exchange Commission (the “SEC”). Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, CBRE Group, Inc. 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 CBRE Group, Inc. 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 risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE Group Inc.’s business in general, please refer to its SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
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