CB Richard Ellis offering aims to raise $550M - St. Louis Business Journal:

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The company will use the proceeds to reduce itssizabl debt. The Los Angeles-based broker plans to offert $400 million in senior unsubordinated notes in aprivatwe placement. It also will sell $100 million in new Clase A common stock to investorss that include hedge fundPaulson Co. Inc. CB Richard Ellixs may raise another $50 million in periodic public stock sales. CB Richard Ellis has $2.4 billio in debt, $310 million of which is due next according toBloomberg data. Much of its debt was incurredd throughits $1.9 billion acquisition of Trammelpl Crow in 2006.
The move by CB Richar Ellis (NYSE:CBG) follows a similar initiative byOn Tuesday, Jone Lang LaSalle (NYSE: JLL) said it planned to raise as much as $200 millionj in a secondary stock offering of 5.5 milliojn shares. CB Richard Ellis is the world’sa largest commercial real estateservices firm. It has more than 29,00p employees worldwide. The Kansas City Business Journalk ranked CB Richard Ellixs asthe area’s fourth most-active commercial real estate company, based on 371 local transactionas closed in 2008. It was No. 6 among the area’s largestf commercial real estate companies, with 27 local agents at the time the list was publishefdin February.