CB Richard Ellis $300 million term loan A-1 talked at Libor plus 350 bps, OID 99½

By Sara Rosenberg

New York, March 13 - CB Richard Ellis Group Inc.'s in market $300 million term loan A-1 (Ba1/BB+) due Dec. 20, 2013 is being talked at Libor plus 350 basis points with an original issue discount of 991/2, according to a syndicate document.

Credit Suisse is the lead bank on the deal.

The term loan is being obtained under the accordion feature in the existing credit agreement.

Amortization is $45 million in year two, $60 million in years three, four and five, and $75 million in year six.

Financial covenants include maximum net leverage ratio of 3.75 times and minimum interest coverage ratio of 2.25 times.

Proceeds will be used to fund working capital needs and for general corporate purposes.

Pro forma for the transaction, TTM Dec. 31, net debt to normalized EBITDA is 1.8 times.

Commitments are due on March 25, and closing is targeted for March 27.

CB Richard is a Los Angeles-based commercial real estate services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.