CBRE has refinanced its existing credit facilities with new loans at lower interest rates.

CBRE has refinanced its existing credit facilities with new loans at lower interest rates.

The refinancing provides for a $715 mln (€558 mln) loan facility and a $1.2 bn revolving credit facility.

CBRE said the operation, coupled with the $800 mln 10-year, senior unsecured notes issued earlier this month and cash on hand, has enabled it to extend most of its credit facilities at lower interest rates.

The operation has also allowed it to shift certain loans from floating rate to fixed rate, extend maturity dates, and reduce overall indebtedness, CBRE said.

'Our refinancing activities have positioned CBRE for further growth,' said Robert Sulentic, the company’s chief executive officer. 'Our balance sheet is well structured to support our growth initiatives while also providing us with the flexibility to navigate a continued uncertain market environment.'

The company plans to pay down its $450 mln, 11.625% senior subordinated notes in June 2013.

The new senior secured credit agreement includes a five-year, $500 mln term loan A facility at an initial interest rate of LIBOR+200 basis points, and an eight-year, $215 mln term loan B facility, at an interest rate of LIBOR+275 basis points.