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CBRE to raise $550m to repay short-term debt

11:52 | 10.06.09

By Neil Spike

CB Richard Ellis today announced plans to sell $400m of 10-year notes and $150m of shares to repay shorter-term debt.

The world's largest property services firm has revealed that it intends to sell $400m of senior subordinated notes that mature in 2017 in a private placement and to sell 13.44m shares for $100m to hedge fund manager Paulson & Co and a further $50m of shares directly into the market.

CBRE's shares closed in NY (New York) yesterday at $8.14, which this year is an increase of 88%, but down 61% from a year earlier. Its total market value is around $2.1bn.

The firm also gave a cautious second-quarter outlook. It projected second-quarter results between break-even and a $0.07 profit, excluding charges. But it noted much of its sale-and-lease activity results in "a significant portion" of revenue being recorded toward the end of a quarter. It also highlighted "the continuing difficult and uncertain market environment".

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