CB Richard Ellis amends to extend maturity and convert some loans

By Jennifer Chiou

New York, April 5 - CB Richard Ellis Group Inc. amended its credit facility, converting nearly all of the tranche A-4 loans into tranche B-1A loans and extending the maturity of the converted loans, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Credit Suisse is the administrative agent and collateral agent.

The amendment was completed on March 29.

The 8-K noted that the amendment eliminated scheduled amortization on $115,042,631.01 of loans under the credit agreement.

The changes included:

• The extension of the final maturity date of the converted tranche A-4 loans so that the maturity date for the new tranche B-1A loans is now Dec. 20, 2015;

• The elimination of the scheduled amortization of the converted tranche A-4 loans so that the new tranche B-1A Loans will have no scheduled amortization payments; and

• A lower interest rate spread on the new tranche B-1A loans in comparison to the tranche A-4 loans.

The amendment also changed the spreads with respect to the new tranche B-1A loans depending on the leverage ratio. Details are in the table below.

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

Leverage Ratio Fixed Rate Spread Daily Rate Spread

Greater than 4.00 to 1.0 550 bps 450 bps

Greater than 3.75 to 1.0 but less than or equal to 4.00 to 1.0 550 bps 450 bps

Greater than 3.25 to 1.0 but less than or equal to 3.75 to 1.0 450 bps 350 bps

Greater than 2.75 to 1.0 but less than or equal to 3.25 to 1.0 450 bps 350 bps

Greater than 2.25 to 1.0 but less than or equal to 2.75 to 1.0 450 bps 350 bps

Equal to or less than 2.25 to 1.0 450 bps 350 bps

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