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CB Richard Ellis sets tender pricing for 9¾% notes; gets needed consents
By Laura Lutz
Des Moines, Nov. 17 - CB Richard Ellis Group, Inc. set pricing in the tender offer for all of its $130 million outstanding principal amount of 9¾% senior notes due 2010 and announced that it received consents from holders of 97% of the notes.
The consents allow the company to amend the note indenture to eliminate most of the restrictive covenants and some events of default. The consent deadline was 5 p.m. ET on Nov. 16.
The consents will not become operative until the tender offer is settled.
For each $1,000 principal amount of notes tendered before the consent deadline, the company will pay $1,065.64.
The payout is based on the present value on the payment date of $1,048.75, which is the redemption price on the earliest possible redemption date, and the remaining scheduled interest payments to the redemption date, determined on the basis of a yield to the redemption date equal to the yield of the 4¾% U.S. Treasury due May 15, 2007 plus 50 basis points.
Pricing was set at 10 a.m. ET on Nov. 17. The reference yield was 5.063% at that time.
The total consideration includes a $30 per $1,000 principal amount consent payment. Notes tendered after the consent deadline will receive the same amount, less the consent payment.
The company will also pay accrued interest up to the payment date.
The tender offer will expire at 5 p.m. ET on Dec. 4.
Holders who tendered notes were required to submit consents.
Credit Suisse (800 820-1653 or collect 212 538-0653) will act as dealer manager for the offer. Georgeson Inc. (866 244-9585 or collect 212 440-9800) is the information agent.
CB Richard Ellis is a commercial real estate services company based in Los Angeles.
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