CB Richard Ellis revealed this week that $994m (£607m) of its $2.1bn of debt has been extended or restructured.
The world’s largest property services firm said that it had offered lenders the chance to swap existing tranches of debt for new tranches with longer maturities and/or less amortization.
CBRE now has to repay $184m of debt before the end of2010, compared with$260mbefore the restructuring.
It has to repay a further $234m in 2011. CBRE said thatas a result of the restructuringit expected to pay around 60 basis points more in interest on average.
“We believe this to be smart insurance against the potential for prolonged tight credit markets,” said Robert Sulentic, the company’s group president and chief financial officer.
