CB Richard Ellis to redeem 16% notes with IPO proceeds

New York, Feb. 17 - CB Richard Ellis Group Inc. (B1/B+) announced plans for an initial public offering of its stock, and said it plans to use net proceeds from the offering to redeem its remaining $38.3 million principal amount of its 16% senior notes due 2011. It did not lay out a timeframe for the anticipated note redemption.

CB Richard Ellis, a Los Angeles-based real estate services firm, announced its plans for the IPO in a registration filing with the Securities and Exchange Commission.

It said that the amended and restated credit agreement governing its senior secured credit facilities currently would limit its ability to complete a portion of the note redemption. CB Richard Ellis said that it expects to amend its credit agreement prior to the completion of the equity offering in order to permit the full redemption to be completed.

CB Richard Ellis said it plans to use the remainder of its net proceeds from the stock offering for other general corporate purposes, including repayment of other debt.

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