CBRE Group, Inc. (NYSE:CBG) today announced the pricing of its offering of $800 million in aggregate principal amount of 5.00% senior notes due 2023 (the “Notes”). The Notes will have an interest rate of 5.00% per annum and are being issued at a price equal to 100% of their face value. The Notes will be issued by the Company’s wholly-owned subsidiary, CBRE Services, Inc., and guaranteed by the Company and the subsidiaries that guarantee its senior secured credit facility, on a full and unconditional basis.
The Company estimates that the net proceeds from the offering will be approximately $785.2 million, after deducting the underwriters’ discounts and estimated offering expenses. The Company intends to use the net proceeds from such offering of the Notes to repay a portion of its outstanding indebtedness under its senior secured credit facilities.
BofA Merrill Lynch, J.P. Morgan, Credit Suisse, Wells Fargo Securities, HSBC, Scotiabank, Barclays Capital and RBS are acting as joint book-running managers for the offering of the Notes.
The Notes are being offered pursuant to an effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission (the “SEC”). The offering of the Notes will be made only by means of a prospectus supplement and accompanying base prospectus, which may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies may be obtained from: BofA Merrill Lynch, 222 Broadway, 11th Floor, New York, NY 10038, Attention: Prospectus Department, or email: firstname.lastname@example.org.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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