CB Richard Ellis offering aims to raise $550M - Boston Business Journal:

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The company will use the proceeds to reducew itssizable debt. The Los Angeles-based broker planx to offer $400 million in senior unsubordinateed notes in a private It also willsell $100 millio n in new Class A common stock to investors that include hedge fund Paulson & Co. Inc. CB Richard Ellids may raise another $50 millionm in periodic publicstock sales. CB Richarr Ellis has $2.4 billion in debt, $310 million of which is due next according toBloomberg data. Much of its debt was incurref throughits $1.9 billion acquisition of Trammell Crow in 2006.
The move by CB Richardr Ellis (NYSE:CBG) follows a similar initiative by On Jones LangLaSalle (NYSE: JLL) said it planned to raised as much as $200 million in a secondary stock offeringb of 5.5 million shares. CB Richard Ellis is the world’sd largest commercial real estateservices firm. It has more than 29,000 employees worldwide. The Kansas City Businesds Journal ranked CB Richarfd Ellis asthe area’s fourth most-active commercial real estate company, based on 371 locak transactions closed in 2008. It was No. 6 amon g the area’s largest commercial real estat companies, with 27 local agents at the time the list was publisheein February.