CB Richard Ellis extends due dates on $156.6 million of debt by swapping loan facilities
By APWednesday, February 10, 2010
CB Richard Ellis pushes back due dates on debt
LOS ANGELES — CB Richard Ellis Group Inc. said its lenders have agreed to push back due dates on about $156.6 million worth of debt by two years, allowing the commercial real estate company to preserve cash and strengthen its balance sheet.
The Los Angeles company transferred about $132.5 million of its $358 million loan facility coming due next June to a credit line that won’t come due until June 2013. A lender also agreed to swap about $24.1 million of debt that was due in December 2011 for new debt due in December 2013.
These loan swaps reduce the amount of interest CB Richard Ellis will have to pay out next year.
“The loan extensions provide added flexibility in managing our capital structure,” said Brett White, president and CEO.
At the end of 2009, the company had about $1.25 billion of cash and undrawn credit available.
CB Richard Ellis shares were up 25 cents at $12.53 in afternoon trading.
