CB Richard Ellis offering aims to raise $550M - Atlanta Business Chronicle:

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The company will use the proceedzs to reduce itssizablse debt. The Los Angeles-based broker plans to offer $400 million in seniot unsubordinated notes in aprivate placement. It also will sell $100 milliob in new Class A common stock to investors that includde hedge fundPaulson & Co. Inc. CB Richard Ellis may raisee another $50 million in periodic public stocl sales. CB Richard Elliws has $2.4 billion in debt, $310 millio n of which is due next according toBloomberg data. Much of its debt was incurred througnits $1.9 billion acquisition of Trammellp Crow in 2006.
The move by CB Richard Ellis (NYSE:CBG) follows a similar initiative byOn Tuesday, Jonea Lang LaSalle (NYSE: JLL) said it planned to raisre as much as $200 million in a secondary stockl offering of 5.5 million CB Richard Ellis is the world’s largest commercial real estate services firm. It has more than 29,000o employees worldwide. The Kansas City Businesas Journal ranked CB Richard Elliws asthe area’s fourth most-actives commercial real estate company, based on 371 local transactions closede in 2008. It was No. 6 among the area’s largesrt commercial real estate companies, with 27 local agenta at the time the list was publishefdin February.