The world's largest property adviser CB Richard Ellis announced on Wednesday plans to sell $400 mln (EUR 286 mln) of 10-year notes and $150 mln of shares to pay down its short-term debt.
The world's largest property adviser CB Richard Ellis announced on Wednesday plans to sell $400 mln (EUR 286 mln) of 10-year notes and $150 mln of shares to pay down its short-term debt.
The senior subordinated notes mature in 2017 and will be sold in a private placement, the US-listed company said in a press release. Separately, the company announced it will also sell 13.4 mln shares for $100 mln to hedge fund manager Paulson & Co and a further $50 mln of shares directly into the market. J.P. Morgan Securities is acting as sales agent and/or principal for the $50 mln capital raise.
The firm also gave a cautious second-quarter forecast, projecting a break-even result of $0.07 per share in the second quarter, excluding charges. This compares to diluted earnings per share, excluding one-off items, of $0.16 per share for the year-earlier period. The company added, however, that the forecast is 'highly preliminary' as 'a significant portion' of its revenue is recorded toward the end of a quarter.
