CBRE Group launches roughly $250 million sterling term loan A-1

By Sara Rosenberg

New York, Oct. 18 - CBRE Group Inc. held a bank meeting on Tuesday to launch a new approximately $250 million senior secured sterling term loan A-1 due May 2016 to existing lenders, according to market sources.

HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Pricing on the A-1 tranche will be the same as pricing on the company's existing term loan A, which is a range of Libor plus 200 basis points to 375 bps based on leverage, sources said.

Proceeds will be used to enhance CBRE's overall financial flexibility and for general corporate purposes.

Commitments are due in early November.

CBRE is a Los Angeles-based commercial real estate services firm.

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