CB Richard Ellis to amend loan to allow full redemption of 16% senior notes

By Sara Rosenberg

New York, Feb. 17 - CB Richard Ellis Group Inc. plans to amend its senior secured credit facility to allow for the full redemption of its $38.3 million principal amount of 16% senior notes due 2011, according to an S-1 filed with the Securities and Exchange Commission on Tuesday.

Under the current credit agreement, only a portion of the redemption would be permitted.

The bond redemption will be funded with proceeds from an initial public offering of the company's Class A common stock. Remaining proceeds from the IPO will be used for other general corporate purposes, including repayment of other debt.

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

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