CBRE Group, Inc. Announces Completion of $600 Million of 4.875% Senior Notes Due 2026
August 13 2015 - 3:05PM
Business Wire
CBRE Group, Inc. (NYSE:CBG) today announced the completion of
the offering of $600 million in aggregate principal amount of
4.875% Senior Notes due 2026 (the “Notes”). The Notes have an
interest rate of 4.875% per annum and have been issued at a price
equal to 99.240% of their face value. The Company’s wholly-owned
subsidiary, CBRE Services, Inc., issued the Notes, which are
guaranteed on a full and unconditional basis by the Company and the
subsidiaries that guarantee its senior credit facility.
The Company estimates that the net proceeds from the offering
will be approximately $589.6 million, after deducting the
underwriters’ discounts and estimated offering expenses. The
Company intends to use the proceeds from this offering for general
corporate purposes, including paying a portion of the consideration
for its previously announced acquisition of Johnson Controls,
Inc.’s Global Workplace Solutions (GWS) business. The acquisition
is expected to close in the late third quarter or early fourth
quarter of 2015.
J.P. Morgan, HSBC, BofA Merrill Lynch, Wells Fargo Securities,
Credit Suisse, MUFG, RBS and Scotiabank acted as joint book-running
managers for the offering of the Notes.
The Notes were offered pursuant to an effective shelf
registration statement that the Company previously filed with the
Securities and Exchange Commission (the “SEC”). The offering of the
Notes was made only by means of a prospectus supplement and
accompanying base prospectus, which may be obtained for free by
visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively,
copies may be obtained by calling J.P. Morgan Securities LLC
collect at 1-212-834-4533, HSBC Securities (USA) Inc. at
1-866-811-8049, Merrill Lynch, Pierce, Fenner & Smith
Incorporated at 1-800-294-1322 or by emailing
dg.prospectus_requests@baml.com, Wells Fargo Securities, LLC toll
free at 1-800-645-3751 or Credit Suisse Securities (USA) LLC at
1-800-221-1037.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
CBRE Group, Inc. is a global commercial real estate services and
investment firm based in Los Angeles.
“Safe Harbor” Statement Under the Private Securities
Litigation Reform Act of 1995: This press release contains
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements include, but are not limited to,
statements related to the anticipated use of proceeds from the
Notes and the closing of the GWS acquisition. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors discussed in CBRE Group, Inc.’s filings with the SEC. Any
forward-looking statements speak only as of the date of this press
release and, except to the extent required by applicable securities
laws, CBRE Group, Inc. expressly disclaims any obligation to update
or revise any of them to reflect actual results, any changes in
expectations or any change in events. If CBRE Group, Inc. does
update one or more forward-looking statements, no inference should
be drawn that it will make additional updates with respect to those
or other forward-looking statements. For additional information
concerning risks, uncertainties and other factors that may cause
actual results to differ from those anticipated in the
forward-looking statements, and risks to CBRE Group, Inc.’s
business in general, please refer to its SEC filings, including its
Annual Report on Form 10-K for the fiscal year ended
December 31, 2014, and its quarterly reports on Form 10-Q for
the quarterly periods ended March 31, 2015 and June 30, 2015.
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version on businesswire.com: http://www.businesswire.com/news/home/20150813006330/en/
CBRE Group, Inc.Jim GrochChief Financial Officer &Global
Director of Corporate Development215.921.7474orSteve IacoSenior
Managing DirectorInvestor Relations & Corporate
Communications212.984.6535
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