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CB Richard Ellis cuts spread on $300 million six-year term loan B to Libor plus 325 bps
By Sara Rosenberg
New York, Nov. 3 - CB Richard Ellis Group Inc. lowered pricing on its $300 million six-year term loan B to Libor plus 325 basis points from Libor plus 350 bps and tightened the original issue discount to 99½ from 99, according to a market source.
As before, there is no Libor floor on the term loan B.
Recommitments were due from lenders at 5 p.m. ET on Wednesday.
The company's $1.35 billion senior secured credit facility (Ba1/BB) also includes a $700 million 41/2-year revolver and a $350 million five-year term loan A, with both of these tranches still priced at Libor plus 225 bps.
Credit Suisse, Bank of America and HSBC Securities are the lead banks on the deal.
Proceeds, along with about $500 million of cash on hand and $350 million of notes, will be used to refinance $1.5 billion of existing bank debt.
CB Richard Ellis is a Los Angeles-based commercial real estate services firm.
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