CB Richard Ellis Group has sealed a refinancing of its credit facilities which will give it 'increased financial flexibility to navigate through a weaker market environment.' The amendment allows for a higher maximum leverage ratio, a lower minimum interest coverage ratio, and modifications to the calculation of EBITDA for financial covenant purposes. The company had announced during its February 11, 2009 quarterly earnings conference call that it was likely to re-negotiate its credit agreement.

CB Richard Ellis Group has sealed a refinancing of its credit facilities which will give it 'increased financial flexibility to navigate through a weaker market environment.' The amendment allows for a higher maximum leverage ratio, a lower minimum interest coverage ratio, and modifications to the calculation of EBITDA for financial covenant purposes. The company had announced during its February 11, 2009 quarterly earnings conference call that it was likely to re-negotiate its credit agreement.

Under the newly amended terms, the company's maximum leverage ratio has been increased to 4.25x from 3.75x through March 31, 2011.

'We are pleased with this vote of confidence from our lenders and thank them for their support,' said Brett White, president and chief executive officer of CBRE. 'Despite the formidable challenges in the economy, we have continued to comply with all of the covenants in our credit agreement. The amendment will significantly increase our financial flexibility, and should further support our continued compliance even if market conditions weaken further.'