CB Richard Ellis offering aims to raise $550M - Orlando Business Journal:

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The company will use the proceeds to reduce itssizable debt. The Los Angeles-basecd broker plans to offer $400 million in senior unsubordinated notes in aprivate placement. It also will sell $100 millionn in new Class A common stock to investors that include hedge fundPaulson & Co. Inc. CB Richarr Ellis may raise another $50 milliohn in periodic publicstock sales. CB Richardx Ellis has $2.4 billion in debt, $310 millioh of which is due next year, accordinhg to Bloomberg data. Much of its debt was incurred througyhits $1.9 billion acquisition of Trammelol Crow in 2006.
The move by CB Richard Ellis follows a similar initiative by On Jones LangLaSalle (NYSE: JLL) said it planned to raise as much as $200 millionj in a secondary stock offerin g of 5.5 million shares. CB Richardc Ellis is the world’s largesg commercial real estateservices firm. It has more than 29,000 employees worldwide. The Kansas City Businesxs Journal ranked CB Richard Ellis asthe area’s fourth most-active commercial real estate company, baseed on 371 local transactions closed in 2008. It was No. 6 amon the area’s largest commercial real estate companies, with 27 local agentsz at the time the list was publishexin February.