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CB Richard Ellis pushes out maturities on $156.6 million of bank debt
By Sara Rosenberg
New York, Feb. 10 - CB Richard Ellis Group Inc. amended its credit facility, extending the maturities on about $156.6 million of bank debt, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
Specifically, the company transferred $132.5 million of its $358 million revolver due June 2011 into a revolver 2 that expires on June 24, 2013.
Total revolver 2 borrowing capacity is now $333 million.
The daily rate spread on the revolver 2 can range from 150 basis points to 375 bps, and the fixed-rate spread can range from 250 bps to 475 bps, based on leverage. There is also a 75 bps facility fee.
A lender also agreed to swap approximately $24.1 million of existing tranche A term debt maturing December 2011 into a new tranche A-3a maturing Dec. 20, 2013.
The new tranche A-3a has identical pricing to the existing tranche A-3 and amortization of 1% per year.
The daily rate spread on the tranche A-3a can range from 300 bps to 400 bps, and the fixed-rate spread can range from 400 bps to 500 bps, based on leverage.
In addition, lenders opted to exchange $115.5 million of tranche A debt for a new tranche A-4.
The tranche A-4 will have the same maturity date as the existing tranche A debt, reduced required amortization and an initial higher interest rate of 50 bps, increasing by an additional 225 bps on the balance outstanding, if any, on April 1, 2010.
The daily rate spread on the tranche A-4 loan is 250 bps and the fixed-rate spread is 350 bps.
Credit Suisse is the administrative agent on the deal.
The amendment was completed on Feb. 5.
CB Richard Ellis is a Los Angeles-based commercial real estate services firm.
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