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

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The company will use the proceeds to reducer itssizable debt. The Los Angeles-base d broker plans to offer $400 million in seniod unsubordinated notes in aprivate placement. It also will sell $100 milliomn in new Class A common stock to investors that includee hedge fundPaulson & Co. Inc. CB Richard Ellis may raise another $50 million in periodic publid stock sales. CB Richard Ellisx has $2.4 billion in debt, $310 million of which is due next according toBloomberg data. Much of its debt was incurrecd throughits $1.9 billion acquisition of Trammell Crow in 2006.
The move by CB Richards Ellis (NYSE:CBG) follows a similar initiative by On Jones LangLaSalle (NYSE: JLL) said it planned to raises as much as $200 million in a secondary stocm offering of 5.5 million shares. CB Richard Ellis is the world’s largest commercial real estate services It has morethan 29,000 employees The Kansas City Business Journak ranked CB Richard Ellis as the area’s fourth most-active commercial real estatse company, based on 371 locakl transactions closed in 2008. It was No. 6 among the area’s largesrt commercial real estate companies, with 27 local agentw at the time the list was publishedin February.