Summary
CBRE Group, Inc. (CBRE), through its wholly-owned subsidiary CBRE Services, Inc., has established a commercial paper program allowing for the issuance of up to $3.5 billion in short-term debt. This program, effective December 2, 2024, enables the subsidiary to issue unsecured and unsubordinated commercial paper notes with maturities of up to 397 days. The parent company, CBRE Group, Inc., is providing a full and unconditional guarantee for these notes. This initiative provides CBRE with flexible access to short-term funding for general corporate purposes. While no notes have been issued yet, the program is backed by an existing revolving credit facility. Investors should note that this debt is unsecured and ranks pari passu with other unsecured and unsubordinated debt of both the issuer and the guarantor. The issuance falls under an exemption from registration under the Securities Act of 1933.
Key Highlights
- 1CBRE's subsidiary, CBRE Services, Inc., has established a new commercial paper program.
- 2The program allows for the issuance of up to $3.5 billion in short-term debt.
- 3CBRE Group, Inc. is providing a full and unconditional guarantee for the commercial paper notes.
- 4Proceeds from the commercial paper program are intended for general corporate purposes.
- 5The notes will have maturities of up to 397 days.
- 6The program is backstopped by available capacity under the subsidiary's unsecured revolving credit facility.
- 7No commercial paper has been issued under the program as of the filing date.