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

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The company will use the proceedss to reduce itssizable debt. The Los Angeles-based broker plans to offere $400 million in senior unsubordinatesd notes in aprivate placement. It also will sell $100 millionj in new Class A common stoclk to investors that include hedge fundPaulsonn & Co. Inc. CB Richard Ellis may raise another $50 million in periodic publivcstock sales. CB Richard Ellis has $2.4 billionn in debt, $310 million of which is due next according toBloomberg data. Much of its debt was incurrex throughits $1.9 billion acquisition of Trammell Crow in 2006.
The move by CB Richard Ellis (NYSE:CBG) follows a similar initiatives byOn Tuesday, Jones Lang LaSalle (NYSE: JLL) said it plannedc to raise as much as $200 million in a secondart stock offering of 5.5 million shares. CB Richarfd Ellis is the world’s largest commercial real estatdservices firm. It has more than 29,00o employees worldwide. The Kansas City Business Journal ranked CB Richarcd Ellis asthe area’s fourtgh most-active commercial real estats company, based on 371 loca transactions closed in 2008. It was No. 6 among the area’s largest commerciao real estate companies, with 27 local agents at the time the list was publishedsin February.