By Cristal Cody and Rebecca Melvin
New York, March 16 – CBRE Services Inc. detailed its $500 million 2.5% notes due April 1, 2031 that priced on Monday in a FWP filed with the Securities and Exchange Commission.
The notes (expected ratings: Baa1/BBB+) priced at 98.451 for a reoffer yield of 2.677% and a spread of Treasuries plus 107 basis points.
Initial talk had the notes coming in the Treasuries plus 125 bps area.
The notes are guaranteed by CBRE Group, Inc.
The notes have a make-whole call at Treasuries plus 20 bps until Jan. 1, 2031 and are then callable at par.
Joint bookrunning managers are Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, BofA Securities Inc., J.P. Morgan Securities LLC, MUFG and Scotia Capital (USA) Inc.
Proceeds will be used for general corporate purposes.
CBRE is a Los Angeles-based commercial real estate services and investment firm.
| Issuer: | CBRE Services Inc.
|
| Guarantor: | CBRE Group, Inc.
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| Issue: | Notes
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| Amount: | $500 million
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| Maturity: | April 1, 2031
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| Bookrunners: | Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, BofA Securities Inc., J.P. Morgan Securities LLC, MUFG and Scotia Capital (USA) Inc.
|
| Co-managers: | Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, ANZ Securities Inc., ING Financial Markets LLC, NatWest Markets Securities Inc., Santander Investment Securities Inc., Truist Securities Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 2.5%
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| Price: | 98.451
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| Yield: | 2.677%
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| Spread: | Treasuries plus 107 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps until Jan. 1, 2031, then at par
|
| Trade date: | March 15
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| Settlement date: | March 18
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 125 bps area
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