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CBRE GROUP, INC. 8-K Report, Material Agreement (Nov 17, 2010)

Reports
Material Agreements·Financial Events·Exhibits & Filings
Filing Date
Filed November 17, 2010
Period End
November 10, 2010
Security
CBRE
In the record · 2016–202610-K1110-Q328-K149

CBRE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 149 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Apr ’19Apr ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed November 17, 2010. Cited figures are marked; the original filing is the authoritative source.

CBRE Group, Inc. (CBRE) filed an 8-K on November 17, 2010, reporting on the execution of a new $1.35 billiona senior secured credit facility on November 10, 2010.

This facility, with Credit Suisse AG as the administrative agent, consists of a $350 millionb Tranche A term loan, a $300 million Tranche B term loan, and a $700 million revolving credit facility. The company immediately drew down the full amounts of the Tranche A and Tranche B term loans, as well as $20 million in swingline loans under the revolving facility, to repay all outstanding amounts under its previous credit agreement, which was terminated on November 11, 2010. In addition to the new credit facility, CBRE also entered into two supplemental indentures.

These indentures ensure that two new subsidiaries, CBRE Government Services, LLC and CBRE-Profi Acquisition Corp., fully guarantee the company's obligations under its 6.625%c Senior Notes due 2020 and its 11.625% Senior Subordinated Notes due 2017. The new credit agreement introduces a tiered interest rate and fee structure based on the company's leverage ratio, with provisions for mandatory prepayments tied to asset sales, debt issuance, and excess cash flow. The credit facility is secured by a pledge of capital stock of the U.S. Borrower and its subsidiaries.

02—Key points

Key Highlights

  1. CBRE secured a new $1.35 billion senior secured credit facility with Credit Suisse AG.
  2. The facility includes $350 million Tranche A term loan, $300 million Tranche B term loan, and a $700 million revolving credit facility.
  3. The company immediately drew $650 million in term loans and $20 million in swingline loans to refinance existing debt.
  4. The previous credit agreement was fully repaid and terminated.
  5. Two new subsidiaries (CBRE Government Services, LLC and CBRE-Profi Acquisition Corp.) were added as guarantors for the 6.625% Senior Notes due 2020 and 11.625% Senior Subordinated Notes due 2017.
  6. Interest rates and fees under the new credit facility are variable, based on the company's leverage ratio.
  7. The new credit facility is secured by a pledge of capital stock of U.S. borrowers and certain subsidiaries.

03—Questions

Frequently Asked Questions

  1. What is the total amount of the new credit facility secured by CBRE?

    CBRE Group, Inc. has secured a new senior secured credit facility totaling up to $1.35 billion.

  2. What are the components of the new $1.35 billion credit facility?

    The facility is comprised of a $350 million senior secured tranche A term loan, a $300 million senior secured tranche B term loan, and a senior secured revolving credit facility of up to $700 million.

  3. How will the funds from the new credit facility be used?

    On November 10, 2010, the company borrowed $350 million under the tranche A term loan, $300 million under the tranche B term loan, and $20 million in swingline loans. These proceeds were used to repay all outstanding amounts under CBRE's previous credit agreement, which was subsequently terminated.

  4. What is the significance of the supplemental indentures filed?

    The First and Second Supplemental Indentures add two new subsidiaries, CBRE Government Services, LLC and CBRE-Profi Acquisition Corp., as full and unconditional guarantors for the company's 6.625% Senior Notes due 2020 and 11.625% Senior Subordinated Notes due 2017, respectively.

04—Continue

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