FINANCE: CBRE has completed a $3.1bn (£2bn) refinancing of its debt.
The world’s biggest agent has refinanced its existing loans with a new five-year, $2.6bn revolving credit facility and a five-year, $500m loan.
The revolving loan has an interest rate of 125 basis points over LIBOR and the term loan is priced at 150 bps over LIBOR.
The $500m loan, together with $125m of recently issued 5.25% senior notes and cash, will be used to pay off the firm’s previous loans, which had a combined balance of $650.6m.
“CBRE’s financial position has never been stronger as a result of the company’s growth and the prudent structuring of our balance sheet,” said Jim Groch, CBRE’s chief financial officer and global director of corporate development.
In December, Standard & Poor’s raised CBRE’s corporate rating to investment grade (BBB-), with a positive outlook.
