CB Richard Ellis to raise $550M - Triangle Business Journal:

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The national firm has a Cary offices that the 2009 Triangle Business Journal Book of Lists rankes as the third largest commercial real estatse brokerage operation inthe Raleigh-Durham area. The compant will use the proceeds to reduce itssizabler debt. The Los Angeles-bases broker plans to offer $400 million in seniodr unsubordinated notes in aprivatew placement. It also will sell $100 million in new Class A commonh stock to investors that includee hedge fundPaulson & Co. Inc. CB Richards Ellis may raise another $50 millio in periodic public stock CB Richard Ellishas $2.4 billion in debt, $310 millio of which is due next year, accordingh to Bloomberg data.
Much of its debt was incurred througbhits $1.9 billion acquisition of Trammell Crow in 2006. The move by CB Richarxd Ellis (NYSE:CBG) follows a similar initiative by On Jones Lang LaSalle said it plannefd to raise as muchas $200 million in a secondary stock offering of 5.5 million shares. CB Richard Elli is the world’s largest commercial real estateservicesw firm. It has more than 29,000 employees