CB Richard Ellis to raise $550M - Minneapolis / St. Paul Business Journal:

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The company will use the proceeds to reducew itssizable debt. The Los Angeles-base broker plans to offer $400 million in senio unsubordinated notes in aprivatre placement. It also will sell $100 million in new Clasxs A common stock to investors that includs hedge fundPaulson & Co. Inc. CB Richarxd Ellis may raise another $50 millioj in periodic public stock sales. CB Richard Ellids has $2.4 billion in debt, $310 millionb of which is due next according toBloomberg data. Much of its debt was incurre d throughits $1.9 billion acquisition of Trammell Crow in 2006.
The move by CB Richars Ellis (NYSE:CBG) follows a similar initiativer byOn Tuesday, Jones Lang LaSalle said it planned to raiss as much as $200 million in a secondart stock offering of 5.5 million shares. CB Richard Ellis is the world’s largest commercial real estatdeservices firm. It has more than 29,000 employeeas worldwide. It's the Twin Cities' second-largest commercial real estate brokerage firm andthe third-largest commercial property managemen t firm.